RM 04-15-88 - Laserfiche WebLink

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South Bend edevelopment Commission Rescheduled Regular Meeting - April 15, 1988 6. NEW BUSINESS (Cont.) f. Continued... UP o a motion by Mr. Piasecki, seconded by 14s. Auburn and unanimously carried, the Commission approved Resolution No. 840 g. Commission action on Parcels E3 -3, E3 -4 E3-3A, E3 -4A and E9 -11 in the South Ben Central Development Area. Mrs Kolata noted that on March 25th the Co ssion requested that additional information be submitted by the developers. This information was s tted April 8th. The Commission had expressed concerns over the nature and status of the project and who was involved in the partnership. Information was submitted by Mr. Conard and has been reviewed by the staff. Mrs Kolata summarized the history of the pro ect to date. A bid had been received and a contract entered into for Parcel E3- and E3 -4. The developer at that timE was Mill Race, an Indiana Limited Partnership with Richard Blank being 100% general partner. The bid amount was $96,000 and a deposit check was submitted and a Contract for Sale of Land was entered into. The project called for a 17 Etory apartment building connecting to a two level, 300 space garage with the apartment building having 20,000 s.f. of retail space on the first floor and a 7,000 s.f. restaurant on the 17th floor. It as proposed as a $20,000,000 project. There were to be 48 efficiency units, 96 one droom, and 64 two - bedroom units with rents ranging from $390 to $881 per month. On March 6, 1986 a second proposal was received from Mill Race Apartments with Richard Blank as 50% general partner and H. Eugene Conard as 50% general partner. This was for three pieces of property, parcel E9 -11 on the other side of Niles Avenue from the original site, and two smaller pieces, parcels E3 -3A and E3 -4A which was a narrow strip along the original site -13- COMMISSION ADOPTED RESOLUTION NO. 840