RM 12-07-79 - Laserfiche WebLink

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South Bend R Regular Meet 6. NEW BUS e. Mr. elopment Commission December 7, 1979 continues.... Out of all the things I said at that meeting the only item reported in the Tribune was that I had zero equity in the Odd Fellows rehabilitation proposal. That is not the case as developer's fees are to be put back into the project. This type of reporting is what happens when you have .a controlled press.. In his report, Mr. Jerry Miller of Jannotta & Associates stated that there were problems with all the proposals related to lack of firm financing taxes and soft costs not being included, lack of detailed costs and lack of equity. I can assure you that these are not problems with our proposal. We have a firm a commitment from Stephens, Inc. as any developer can have at this stage of a proposal. Also, we have included taxes and soft costs in the proposal, we have extensive detailing of rehab costs and, as I mentioned before, considerable equity in the project since developers fees are to be put back into the project. In their announcement to the media recommending demolition, the Redevelopment staff stated that additional public investment would be necessary to save the building. I would like the staff to identify the nature of the public investment they think is necessary. I'd also like to add that our proposal will work without additional public invest- mentl In fact, it will save the City the cost of demolition. The Rouse report indicates a need of 54,550 sq. feet of additional office space in the period 1979 -1982. This did not take into account the new River Glen Office Building on Block 6 that will provide 35,000 square feet. Thus, the addition of a 100,000 square foot GSA building will provide space than can be digested. I have a major restaurant chain who will rent the first floor of the Odd Fellows Building and another restaurant for the 9th and 10th floors. That leaves the 2nd through 8th floors available for use by the SA. I have talked to Mr. Sochowski with the GSA in Chic go and he told me that we could have the GSA in the Odd �ellows Building. I would like to comment on the designs of the Gruen Company. I would like to show you a picture of Faneuil Hall in Boston. What Gruen has done is design a Faneuil Hall for South Bend. I think a much better arrangement for the mall area would be to build a parking garage on the corner of Jefferson and Main with walkways between the garage, the Odd Fellows, and the Federal Building. The garage could be built in the manner of the National Bank Garage with offices, etc. on the first floc--. -14-