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RM 03-25-88
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RM 03-25-88
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South Bend <br />Regular MeE <br />6. NEW BUc <br />e. Cor <br />elopment Commission <br />- March 25,1988 <br />(Cont.) <br />believes that zoning will allow the 18 <br />stc4ry building as well as the reduced <br />n r of parking spaces. <br />When the project was first proposed, <br />Lloyds Bank indicated that they would <br />provide a Letter of Credit upon bond <br />closing. Lloyds Bank has since closed <br />all U.S. operations and will not be <br />providing that Letter of Credit. As a <br />fall -back, the partnership had <br />simultaneously been trying to secure <br />Cincinnati Mortgage as a co- insurer. Mr. <br />Conard will submit the financing package <br />to incinnati Mortgage for preliminary <br />approval on March 28th if the Commission <br />approves the changes requested today. <br />Mr. Conard explained that the partnership <br />would submit the final working drawings <br />to incinnati Mortgage on May 28th for a <br />fi financing approval. <br />Mr. Conard indicated that the partnership <br />would like the Commission to accept the <br />following project schedule: final <br />arc itectual drawings submitted by May <br />28, firm financial commitment from <br />Cin innati Mortgage by June 28, bond sale <br />on Septerrber 15, FHA closing September <br />29, bond closing on September 30, and <br />start of construction October 1, 1988. <br />Mr. Conard then displayed site plans to <br />explain the parking options he is <br />pro sing. The two story garage, <br />acc modating 189 cars, would provide 70% <br />parking for the 214 apartment units. <br />Altiough he would prefer to have a <br />one--to-one ratio, he indicated that Jack <br />Mathews said that he could "get behind <br />and support this" arrangement. Mrs. <br />Kol to pointed out that no one could <br />spaik for the Board of Zoning Appeals on <br />this regard. Mr. Conard stated that <br />there are two city lots on the garage <br />site which the partnership no longer <br />con rols. The partnership would like to <br />-7- <br />
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