RM 09-25-87 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Mee ing - September 25, 1987 4. COMMUNIOATIONS (Cont.) c. c:onr- inuea... Ms. Kieffer is a member of the Kie fer- Zimpelman Partnership which was awarded the Contract for Sale of Land for the L. Keen Building at 402 -404 E. South Str et. The partnership is requesting modifications to the Contract for Sale of T-anJ that would allow an immediate pur base by the partnership for $20,000 in ash. They will continue to seek private equity and debt financing to make the necessary renovation of the building. Mr. Hunt noted that the partnership has cleared up many of the contingencies in the contract, such as acquiring necessary zoning and the purchase of the lot adjacent to the property. They have co tted $6,700 to an architectural firm for renovation plans. The building is deteriorating as it sits vacant. The partnership has sufficient money to begin wor and they feel that ownership of the bui ding would help them secure the fi cing they need. They believe they can still make the time schedule they co tted to originally. Ms. Schwartz noted that the current contract requires that the partnership obtain a definite financial commitment and be ready to close on that financing prior to the transfer of land. In order to ansfer the land prior to securing a def ' nite financial commitment, the Con ract must be amended. Ms. Kieffer indicated that the age and condition of the property seems to be a maj r consideration of the financial institutions when considering financing. If they can begin renovation, she believes financing will fall into place. Ms. Auburn stated that she believed the Commission would like to help in whatever way they could to get the project moving. She asked what the staff had decided wou d be most helpful. -4-