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South Bend Commission <br />Special Mee �edevelopment <br />ing - October 10, 1979 <br />2. NEW BUSINESS (continued) <br />b. Mr.lEllison continues... <br />would be marketed to professional workers, who are either <br />single, or couples without children. The firm put together. <br />a proposal letter which summarizes what they intend to do, <br />and I will read portions of it to you, ... <br />"Co tinental Wingate Company, Inc. and Rosenberg, Freeman <br />and Associates will convert the top nine floors of the Odd <br />Fellows Building into 77 apartment units for professional <br />peo le working in downtown South Bend, and rehabilitate <br />the ground level floor for appropriate commercial uses. <br />The believe their plan is in keeping with the goals of <br />the South Bend Urban Renewal Land. Use plan to provide for <br />the "intergration of existing structures.... into an attrac- <br />tiva and functional public, commercial and residential area." <br />They indicate that the economic feasibility of returning <br />hou ing to downtown development areas requires close coopera- <br />tioi and assistance from the public sector. They then identi- <br />fieJ key government actions that would be critical to achieve <br />their development plan. They are: <br />1. An option from the Redevelopment Authority to purchase <br />the property for $109000, which option would extend for <br />a reasonable time period necessary to accomodate FHA <br />approvals. Based on their investigation of the growth <br />of South Bend, they anticipate beginning construction <br />within one year of execution of the option. <br />2. Mortgage insurance through the Federal Housing Admini- <br />stration 221(d)4 program and FNMA /GNMA Tandem Plan <br />permanent mortgage funds at an attractive interest rate <br />available for rehab housing in UDAG cities. Based on <br />their experience, and supported by their attached letter <br />from Galbreath Mortgage Company, government processing <br />for this project could be.completed in approximately <br />120 days and the current interest rate on a 40 -year FHA <br />insured mortgage could be arranged at 72%. <br />3. The City must lease 80 parking spaces in the parking <br />deck next to the project for 40 years at an initial <br />rate of $20 per month. Reasonably priced residential <br />parking is necessary to attract professional people <br />to live downtown. <br />4. A zoning approval to allow residential use. <br />5. Tax abatement under Indiana Code 6- 1.1 -12 et. seq. <br />6. City assistance in using economic development tax - <br />exempt bonds to finance the project. <br />-6- <br />