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South Bend edevelopment Commission <br />Regular Meeting - June 14, 1985 <br />3. <br />4. <br />FICA <br />Payroll: <br />a. <br />OF CLAIMS (Cont.) <br />2,307.89 <br />May 30, 1985 10,810.61 <br />Total $41,711.66 <br />Grand Total $44,476.44 <br />:er from Teachers Credit Union. <br />Mrs Kolata read the following letter dated <br />June 13, 1985, received from Teachers Credit <br />Union regarding Disposition Parcels 4 -67, <br />4-68, 4 -84 and vacated alley previously <br />purchased from the Redevelopment Commission. <br />Mr. Nimtz: <br />Teachers Credit Union respectfully <br />!sts the Redevelopment Commission to <br />rve the Credit Union's amended project <br />-iption. These project amendments are <br />nary in order to remain eligible for <br />mic Development Revenue Bond financing. <br />Purusant to the regulations of the <br />Internal Revenue Service Teachers Credit Union <br />may only remain eligible for bond financing, <br />if the Credit Union's capital expenditures for <br />the prescribed six year period do not exceed <br />ten million dollars. Due to the extent of the <br />Credit Union's purchases and capital <br />imp ovements over the past three years in <br />South Bend, it will be necessary to reduce the <br />project cost by eliminating the top two floors <br />to pproximately six million dollars. <br />Fortunately, due to the original design <br />of the building, the Credit Union may amend <br />the project by deleting the top two floors <br />wit1iout impairing the functional use of the <br />building. As you will recall in the initial <br />des gn proposal, as submitted within the <br />nar ative Bid Pack Supplement on February 17, <br />198 , included a six floor building with <br />app oximately 71,500 square feet above ground. <br />Now as amended, the project design for four <br />-3- <br />I,F'1VPRR DATED JUNE 13, 1985 <br />RECEIVED FROM TEACHERS CREDIT <br />UNION WAS READ INTO THE <br />RECORD <br />