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South Bend <br />Special Me <br />elopment Conrnission <br />- March 14, 1988 <br />2. NEW BUSINESS (Cont.) <br />a. uommnuea... <br />May 19, 1988; submit evidence of binding <br />comitments for construction financing by <br />July 15, 1988. This agreement is <br />conditioned on action to be taken by the <br />Econ mic Development Commission and South <br />Bend Commn Council later today and also <br />on satisfying our legal counsel that all <br />legal requirements are in place. <br />Lynn Weber, Vice President of <br />Can-American Realty Corp., described <br />their experience in this field and the <br />project they are proposing for the <br />parcel. Can -Am is a full service <br />deve opment company whose principals have <br />been in the development business for over <br />20 years. They are primarily developers <br />of multi-family housing. They have three <br />offices in the U.S. and one in Winnepeg, <br />Canada. Their underwriter, Dane <br />Bosworth, introduced them to the Raintree <br />Point package approximately two weeks <br />ago. In the intervening two weeks, Ms. <br />Weber visited South Bend to evaluate the <br />market and the site. They felt this was <br />an exceptional opportunity and began <br />tryiiig to work out a purchase agreement <br />with Mr. Hutchcraft of Raintree Point <br />Associates. The combined Can -Am <br />com ies have a net worth in excess of <br />$20,000,000. They have done <br />appr ximately $180,000,000 of strictly <br />resi ential apartment units and another <br />$100 000,000 of hotel financing. <br />Although they have not had enough time to <br />fully develop a proposal for the site, <br />they will still commit to 200 or more <br />units. They do quality buildings and <br />like smaller buildings with a townhouse <br />feel They envision garden type <br />apartments which may be four stories in <br />some levels. They would probably use a <br />combination of siding and brick exterior. <br />-2- <br />