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South Bend <br />Special Mee <br />elopment Commission <br />- May 13, 1987 <br />2. OLD BUSINESS (Cont.) <br />a. Continued... <br />fro the end of Phase I construction: 12 <br />months to build, 12 months to lease, and <br />then begin Phase II construction. <br />Mr. Sowinski, representing Combined <br />Capital Associates XVI (CCA XVI), <br />explained their bid proposal for parcel <br />C4 -3. He indicated that they have not <br />altered their bid since submitting it. <br />They considered the minimum offering <br />price of $94,900 for the parcel to be <br />very fair and had no problem exceeding it <br />to offer $100,000. Their proposal of a <br />71,000 s.f. office building would use the <br />entire parcel and would meet the minimum <br />height requirements and maintain the <br />visual corridor from Century Center to <br />the Court House. He pointed out how <br />their proposed building met the set -back <br />from St. Joseph Street requirement and <br />was in line with the Jefferson Street <br />gar ge. The total cost of the project <br />would be $6,727,250, or $94.75/s.f. <br />Ms. Auburn asked about their intention to <br />connect to the Jefferson Street parking <br />garage. Mr. Sowinski indicated that the <br />building would connect to the garage at <br />the second floor level. <br />Ms. Auburn asked if they had prospective <br />tenants. Mr. Sowinski indicated that <br />theV have been talking with a lending <br />institution which is interested in a <br />drive-in bank at the location. <br />Mr. Hunt asked about the drawing which <br />showed two -way traffic in the one -way <br />service drive. Mr. Sowinski indicated <br />that it would be no problem to route the <br />traffic to correspond to the one -way <br />serivice drive. <br />Mr. Hunt asked whether they had <br />con truction financing in place. Mr. <br />Sowinski explained that they have been <br />tal ing with three large lending <br />-4- <br />