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South Bend Redevelopment Commission <br />Special Me ting - May 13, 1987 <br />2. OLD BUSINESS (Cont.) <br />M <br />tinued... <br />lenders to finish projects other <br />developers had not completed. They are <br />constructing an on -site rental office and <br />a community building at a 144 unit <br />apartment complex in Fort Wayne. They <br />ha e developed free standing commercial <br />bu'ldings, Osco Drugs, and a 100 unit <br />ap rtment complex. <br />Mr. Nimtz noted that the staff and <br />Co ission have spent considerable time <br />Stu ying both bid proposals. He asked <br />for a staff recommendation. <br />Mr. Hunt read the bid specifications and <br />design considerations for the two parcels <br />and summarized the staff report which is <br />attached to these minutes. He indicated <br />that the staff recommended awarding the <br />contract for bid to CCA XVI. He noted <br />that the W /SJA bid was an all or nothing <br />bid. He indicated that there was still a <br />question about the start date of Phase II <br />of the W /SJA bid. Also, they were <br />requesting public assistance for the <br />con truciton of a parking garage and the <br />staff doesn't feel they can enter into a <br />bin ing contract for that since the <br />current formula for awarding UDAGs <br />exc udes cities such as South Bend. <br />Mr. Hunt also noted that the minimum <br />off ring prices for the two parcels <br />($91,900 for parcel C4 -3 and $115,750 for <br />par el C4 -30) were not set arbitrarily, <br />but through two independent appraisers. <br />He xplained that they were low because <br />of 11 the restrictions the staff had <br />pla ed on the property. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Comiaission awarded the bid for Parcel <br />C4-B to Combined Capital Associates XVI <br />and authorized their officers to sign all <br />nec ssary documents. <br />COMMISSION AWARDED THE BID FOR <br />PARCEL C4 -3 TO COMBINED CAPITAL <br />ASSOCIATES XVI <br />