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South Bend Redevelopment Commission <br />Regular Meeting - August 7, 1981 <br />6. NEW BUSINESS (continued) <br />j . continued ... <br />Mr. Taylor stated that in 1979 a contract was entered <br />into with The Rouse Company for their guidance on the <br />development of the Century Mall Project. Rouse is a <br />company with a great deal of experience in this type <br />of project. Rouse is very conservative in that they <br />feel you must take all of the steps to develop a pro- <br />ject such as this. When they completed the initial <br />study, we all thought we could possibly jump forward <br />faster than they wanted us to and we did some things <br />that got us off the track. In the last three years <br />we have not moved forward and this has something to <br />do qith the legal problems of tax incremental finan- <br />cing. That aside, we feel that the only way this <br />project will get back into the picture is to again <br />work with The American City Corporation. <br />Mr. Rosenthal met with two financial institutions <br />that have expressed some interest in this project, <br />but only on the basis that the study done in 1979 <br />be brought up- to- date, and that we take another look <br />at the economic future of this community. We would <br />like to propose, therefore, that we enter back into <br />this contract with The American City Corporation. <br />St. Joseph Bank and Trust Company is agreeable to <br />participate in the cost of this study on the same <br />bas's as the first study - that is on a 50 per cent <br />bas's with the City. <br />Mr. McMahon stated that the cost of the study is <br />$78,000, plus not -to- exceed out of pocket expenses <br />of $15,000. The next step would be to bring The <br />American City Corporation in to develop the formal <br />contractual agreement between us and initiate that <br />project as soon as possible. Along those lines we <br />would ask the Commission's approval to initiate this <br />activity so that the contract could be presented at <br />the next meeting. We are pleased with the continued <br />interest of the St. Joseph Bank and particularly with <br />what they have done in interesting some investors in <br />thi project. <br />On <br />Cir <br />was <br />Ame <br />for <br />t motion made by Mr. Robinson, seconded by Mr. <br />and unanimously carried, the Executive Director <br />authorized to enter into negotiations with The <br />-ican City Corporation, a subsidiary of The Rouse <br />zany, for a proposed contract to update a study <br />the Century Mall Project. <br />COMMISSION APPROVED NEGO- <br />TIATION OF CONTRACT WITH <br />THE AMERICAN CITY CORPORA - <br />TION FOR CENTURY MALL <br />PROJECT <br />