RM 09-25-87 - Laserfiche WebLink

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South Bend pedevelopment Commission Regular Me ting - September 25, 1987 4. COMMUNWATIONS (font.) c. c;ominuea... Mr. Hunt responded that there were several possibilities. One possibility is the proposed transfer of land for the $20,000 cash proposed by the letter. Another is a long -term lease arrangement whi h would allow them to begin work on the building, but leave them with the cas to put into the renovation. Ms. Schwartz suggested a long -term lease with option to purchase, with some or all of he lease payments being applied toward the purchase price. The option cou d be exercised upon the obtaining of a d finite financial commitment. Mr. Piasecki asked Ms. Schwartz to exp ain why the Commission cannot sell the property outright. Ms. Schwartz exp ained that the desire is to balance the need to begin renovation with the recpiirement to have definite financing in place prior to conveyance of the T)rotertv. Mr. Wolf indicated that the partnership had approached Center City Associates so time ago seeking assistance from their loan programs. At that time there were requests for the available loan money from downtown businesses. Although CCA loans can be made to Monroe Park projects, downtown projects are a priority and he had not offered much encouragement for pursuing the loans for the L. Keen project. However, many of the downtown projects had been unable to put their financing together and there is abo t $60,000 available through CCA loan pr rams which needs to be spent in 1987. He ffered to use these funds to help lev rage private financing. Mr. Nimtz directed the staff to work with the Kieffer - Zimpelman Partnership and wi CCA and Legal Counsel to come up with a recommendation for the October 9 Co scion meeting. -5-