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SM 10-10-79
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SM 10-10-79
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South Bend Commission <br />Special Mee �edevelopment <br />ing - October 10, 1979 <br />2. NEW BUSINESS (continued) <br />b. continued... (2nd rehabilitation proposal discussed) <br />Mr. Nimtz: Any questions by the Commissioners? <br />Mr. Donaldson: What were the range for the rents? <br />Mr. Ellison: The rents range from $300.00 for an efficiency, <br />$365.00 for a one bedroom, $405.00 for 'a one bedroom with a <br />loft, and $450.00 for a two bedroom unit.. There would be <br />nine (9) efficiency apartments, fifty -three (53) one bedroom <br />units, six (6) one - bedroom units with a loft, and nine (9) <br />two bedroom units. <br />Ms. Auburn: They indicated that they have done no market <br />feasibility study and have not looked into rent figures? <br />Mr. Ellison: They have not done a market feasibility study <br />to insure that they can in fact attract off the market enough <br />people with the amount of income necessary to pay the rents <br />that they project. <br />Ms. Auburn: I assume that the eighty (80) parking spaces <br />would be free parking for renters. <br />Mr. Ellison: I believe they intend to add the parking cost <br />to the rent, somewhere around $20.00 a month. What they <br />want is a commitment from the City to lease them 80 parking <br />sp ces at a beginning rate of $20.00 a month. <br />Mr. Nimtz: I might add that the developers that Mr. Ellison <br />and I have met with in talking over these things were under <br />the opinion that they would have no demand for this type of <br />project, but that they would have no difficulty in renting <br />it. Secondly, these developers indicated that there would <br />have to be a provision for parking, because everyone would <br />want their parking close by and wouldn't want to walk three <br />blocks to park. <br />Thank you Mr. Ellison. If there are no other questions we <br />can resume opening the other bids. <br />3rd Rehabilitation Proposal <br />Mr. Ellison: The third bid received is from the American <br />De elopment Corporation, a suburban Chicago firm. <br />Am rican Development Corporation is represented by Ms. <br />Ma a Gelbloom. <br />Mr. Butler: The bid proposal is $1.00 for the building, <br />an the bid documents seem to be in order. <br />REHAB PROPOSAL <br />FROM AMERICAN <br />DEVELOPMENT <br />CORPORATION <br />
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