RM 04-15-88 - Laserfiche WebLink

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South Bend edevelopment Commission Rescheduled Regular Meeting - April 15, 1988 6. NEW BUSINESS (Cont.) g. uonTinuea... ,ertently left out of the original ing. Mill Race Apartments bid the tum bid amount and made the required it. The project proposed at that was the same as had been proposed ously. The developers have never ted a Contract for Sale of Land for parcels. Mrs Kolata noted that the schedule in the Contract for Sale of Land for parcels E3-3 and E3 -4 has not been adhered to. Last summer a default letter was sent to Mill. Race Partnership indicating that the first contract was out of date and the second contract had never been signed and required that both be brought into compliance. In arly March the Commission again asked the partnership to respond by March 25th in order to cure the items listed in the default letter of last July. Mr. Conard met with the staff on March 24th and attended the March 25th Commission meeting and presented information about project. The project described in the March 24th meeting changed again by the March 25th meeting. On March 24th Mr. Conard proposed surface parking only and on March 25th he proposed a two story garage. Also, the project did not include the first floor retail space or l7th floor restaurant. Mrs. Kolata then summarized the information supplied on April 8th. The developer is proposed to be 50% Futures Inc. and 50% H. Eugene Conard and Associates, Inc. They bid the amount preN iously mentioned and did not submit new deposit checks. The proposal calls for 35 efficiency units, 73 one - bedroom units, and 106 two - bedroom units with rents being $435, $685, and $990 per month, respectively. They also submitted certain information on the financing mechanism which would be used and on the con truction of the building itself. The -14-