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SM 10-10-79
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SM 10-10-79
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South Bend redevelopment Commission <br />Special Mee ing - October 10, 1979 <br />2. NEW BUSINESS (continued) <br />b. c*inued...(3rd rehabilitation proposal discussed) <br />The Chair then recognized Ms. Mara Gelbloom, representing <br />Ame ican Development Corporation. <br />Ms. Mara Gelbloom: American Development Corporation <br />has spent the last several months thoroughly investigating <br />rehab potential of the Odd Fellows Building. We propose <br />to convert the building into Class "'A" office space. <br />We will gut "rehab with all new mechanical, electrical, <br />and plumbing systems. The exterior historical value of <br />the building would be maintained in some way. The building <br />wou d, therefore, have all the amenities of Class "A " new <br />office space for the South Bend area and its excellent <br />location would make it highly marketable. Because of the <br />Department of Redevelopment's willingness to recommend <br />ind strial revenue bond financing for the building, should <br />it a retained, we have prepared a loan package for the <br />bui ding, and found a brokerage firm from Rolling Meadows, <br />Ill nois that is willing to place the bond for us. This <br />com any has actually given us a firm commitment for financing <br />the project, rather than what is normally called a "best <br />effort". Therefore, financing is virtually assured on this <br />project subject to tax bond issue. The total rehabilitation <br />cost would be two million, two hundred and fifty five thousand, <br />one hundred and seventy five dollars ($2,255,175.00). Figuring <br />at -82% interest, we found it necessary for the rent <br />stricture to be at $10.00 per square foot. We have consulted <br />witi the commercial brokerage firm of Cook Realty, here <br />in 3outh Bend, who will be our leasing agent, should we be <br />cho en as developers, and have a letter from their firm <br />as art of our packet, to show that the space can be leased <br />at hat price by the time the building is completed. The <br />rea on for the $1.00 bid is simply because we found that <br />$10,00 per square foot is an absolute ceiling for rent in <br />Sou :h Bend's market place. Therefore, as our bid, I would <br />lik to inform you that included in our proposal is a loan <br />pac age with a commitment from a lender, a complete break <br />dowi of construction plans, and a letter from a commercial <br />age t. I would briefly like to mention that American Development <br />Cor oration does have experience. The company has grown to <br />the fifth largest producer in multi-family housing in the <br />cou try, and the twenty seventh largest builder in the past <br />eig t years. We are one of the few developers in the <br />United States who have been successful in introducing large <br />i <br />sca a rehab. We have over three hundred (300) units n <br />Kan as City, and have just completed over 300 units in Chicago. <br />Under a special historic rehab program, which we hope to do <br />the Odd Fellows under, we can expand it into a commercial <br />reh b market. In Springfield, Illinois, we will begin <br />con truction on the Old St. Nicholas Hotel for leasing. <br />in <br />
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