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RM 03-25-88
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RM 03-25-88
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South Bend edevelopment Commission <br />Regular Meeting - March 25, 1988 <br />6. NEW BUSINESS (Cont.) <br />e. conitinuea .. . <br />Ms. Auburn asked what the project cost is <br />now Mr. Conard responded that the <br />partnership floated $20,000,000 worth of <br />bonds. That would be ample for the <br />$14,00,000 project cost. Ms. Auburn <br />asked what would happen to the other <br />$6,000,000. Mr. Conard indicated that it <br />wou d be returned to the bondholders. <br />Ms. Auburn expressed concern about the <br />qua ity of a project that had dropped in <br />cos from $20,000,000 to $14,000,000. <br />Mr. Conard responded that the project had <br />never been a $20,000,000 project, but <br />that it is common to float more IRB's <br />th necessary to be safe. <br />Mr. Carter Wolf expressed Center City <br />Associates' concern about the impact of <br />an 18 story apartment building on the <br />nature of the East Bank Area, <br />particularly if the developer couldn't <br />fil all the units. He didn't feel there <br />was la market for that type of living in <br />South Bend. <br />MtMr. Conard offered to have Merrill Jones <br />., Conard <br />talk to the Commission if they <br />wou d like him to. <br />Ms. Auburn stated that the Commission <br />needs additional information from Mr. <br />Co rd and the partnership. She <br />regiested that he bring up to date all of <br />the documentation requested in the <br />default letter of July 1987. She also <br />asked for documentation of the <br />partnership, who is involved in the <br />partnership, financial information on the <br />partnership and Exhibits 3, 4, 5, & 6 of <br />the bid packet describing the revised <br />project. Those documents must be <br />submitted to the Commission by April 8th <br />which will give the Commission time to <br />look at them prior to the April 15th <br />meeting. Mrs. Kolata will see that Mr. <br />Con rd has copies of the documents to <br />work from. <br />-10- <br />
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