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South Bend edevelopment Commission <br />Regular Meeting - March 25, 1988 <br />6. NEW BUSINESS (Cont.) <br />e. c:ontinuea... <br />Mr. Conard explained the status of the <br />project. The partnership now consists of <br />hi elf and Merrill Jones, the architect. <br />Cincinnati Mortgage will be the <br />co-insurer. Draper and Kramer will <br />manage the property. Bond counsel will <br />con inue to be William Hoops of Butler <br />and Binion. <br />He hoted that the Put Date of the bonds <br />is December 988. The Termination Date <br />of the bonds is December 1999. He <br />provided a letter from bond counsel, <br />Butler and Binion, stating its opinion <br />that use of the land is restricted until <br />at least December, 1988. <br />Mr. Conard explained some of the reasons <br />the project has moved so slowly. He <br />noted that Draper and Kramer spent <br />considerable time in South Bend reviewing <br />the housing market study done by Nicholas <br />Jamiotta and Associates. The original <br />study indicated that there was not a <br />market for highrise apartment living in <br />do town South Bend. The marketing <br />approval from HUD took 90 days instead of <br />30 (lays. Also, the developer had <br />pictures taken at each floor level <br />sha,7ing views of the city from the <br />different heights. It took three weeks <br />for the photographer to get good day to <br />tak the pictures. <br />Mr. Conard described the project as it is <br />now proposed. The partnership is <br />plaiming an 18 story building with 214 <br />units. No speculative retail is planned <br />for the first floor. The partnership <br />wou d be willing to include retail on the <br />first floor if there was a tenant . <br />co tted to it. The original proposal <br />of it three level parking garage has been <br />chahged to a two story garage with <br />par ing for 189 cars. Mr. Conard <br />ind sated that he had talked to Jack <br />Ma ews, Building Commissioner and <br />