RM 04-25-80 - Laserfiche WebLink

Home Browse Search

South B Regular Redevelopment Commission ting - April 25, 1980 4. CONYUNICATIONS a. Mayor Roger 0. Parent continues... is renovation would be an asset to this o munity. The architects estimate the cost o renovate the building at around $36.00 er square foot, while duplicating that pace in a new structure would probably equire about $65.00 per square foot. enovation of the building seems to make ense economically. I respectfully ask he Commission to agree to convey the uilding to the South Bend Building orporation. We will then, if you agree, otify them today of this decision and hey are prepared to meet with us. r. Ellison: I might add that we have weed the building now for slightly more than ne year, and clearly there is a need to eep some progress going with respect to is rehabilitation. I think the staff ants to encourage the Commission to do wo things; 1) to express that this type of roposal is acceptable from the standpoint f their standards of the building; and ) approve the Mayor's request to allow us o go the next step to get us to the point f final commitment. r. Nimtz: I might say to the Commission hat Mr. Butler and I have met with the yor, Mr. Ellison, and the staff, and lthough we keep talking about a perfor- ate bond, it is our understanding that f this is completed, the bond will be ritten so that if the project fails, we will btain the $200,000 and we can then use the 2001000 to tear the building down if we so esire. Although we talk about, performance ond, technically it is not that unless one ays since he has not performed we get the 200,000. Normally when you talk about a erformance bond, and I think W. Sweeney ill agree with me, you talk about the uilding being completed. Of course, if the uilding fails you certainly couldn't omplete the building for $200,000. It s our understanding, through the I yor and he counsel for Mr. Sam Kalman, that the -7-