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South Bend <br />Regular Mee <br />6. NEW BUS <br />e. Con <br />Upo <br />by <br />coin <br />No. <br />pub <br />of <br />elopment Commission <br />- May 23, 1986 <br />(Cont.) <br />a motion made by Mr. Piasecki, seconded <br />t. Combs and unanimously carried, the <br />fission authorized the filing of Resolution <br />776, set June 13, 1986 as the date of the <br />is hearing on the proposed appropriation <br />pond proceeds and authorized publication <br />posting of the notice of public hearing <br />erning the proposed appropriation of bond <br />eeds with the publication date to be May <br />30, 1 1986. <br />f. Re rt on bid received at May 19, 1986 bid <br />o in <br />Ric Pitts noted that the Commission received <br />a bid on three of the four parcels being <br />offered in Monroe Park. The bid was received <br />fron South Bend Heritage Foundation. The bid <br />amo is were equal to the minimum offering <br />price previously established. South Bend <br />Heritage submitted a loo performance <br />guarantee. The proposed use is new <br />construction for single family residential <br />ho s with two stories, basement and attached <br />garage. The selling price will be in the <br />range of $65,000. The development plan calls <br />for the construction of one spec home which <br />wilL serve as a model to generate the sale of <br />two additional homes. The project schedule <br />cal Ls for construction to begin on the first <br />he in mid -June to be completed by the end of <br />Au gist. The tentative schedule is to begin <br />construction. on the two additional homes by <br />the end of 1986. The bidder's redevelopment <br />ex p=ence is very substantial. Mr. Pitts <br />noted that South Bend Heritage is forming a <br />pa nership with Monroe Park Development <br />Co ration. They are looking at financing <br />fran three sources: South Bend Heritage <br />Fo dation, Community Development Block Grant <br />funds, and a construction loan from Valley <br />American Bank. The staff recommendation is <br />favorable. <br />Mrs Kolata noted that South Bend Heritage did <br />sta e that they intend to submit a bid on the <br />fourth lot if successful in purchasing the <br />adjacent privately owned lot. <br />-7- <br />COMMISSION AUTHORIZED THE <br />FILING OF RESOLUTION NO. 776, <br />SET JUNE 13, 1986 AS THE DATE <br />OF THE PUBLIC HEARING ON THE <br />PROPOSED APPROPRIATION OF <br />BOND PROCEEDS AND AUTHORIZED <br />PUBLICATION AND POSTING OF -THE <br />NOTICE OF PUBLICHEARING CON- <br />CERNING THE PROPOSED APPRO- <br />PRIATION OF BOND PROCEEDS WITH <br />PUBLICATION DATE TO BE MAY <br />30, 1986 <br />