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RM 04-15-88
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RM 04-15-88
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South Bend ] <br />Rescheduled <br />opment Commission <br />.r Meeting - April 15, 1988 <br />6. NEW BUSINESS (Cont.) <br />g. UontPuea... <br />Ms. Auburn stated that she thought there <br />had been ample opportunity for a <br />developer to nail down this project in <br />the time frame that the Commission has <br />Mr. Conard said that he expected the City <br />to be fair - handed. If the Commission <br />gave the other developer consideration, <br />it s ould give his project consideration. <br />Ms. Auburn responded that they are two <br />separate projects. Mr. Conard responded <br />that the situation is the same. Mr. <br />Conard also indicated that they had <br />offered to purchase the land if the <br />Corrmission would feel more comfortable <br />with that, but the Commission had not <br />desired to sell the land without the <br />project financing in place. <br />Mr. Conard noted that $20,000,000 worth <br />of bDnds have been sold. The bonds don't <br />expire until December and it is the <br />opinion of bond counsel that you cannot <br />do ything with this site until then. <br />He eKpressed the opinion that it is <br />fool ardy to pull this project today <br />rather than give them that time. He <br />noted also that they have a commitment <br />from Cincinnati Mortgage to do the <br />conditional processing on this project. <br />Mrs. Kolata stated that she did not think <br />it w s appropriate to discuss the other <br />prof ct. <br />Mr. Conard noted that both projects were <br />pro sed well before they should have <br />been in order to grandfather the tax law <br />and the City signed off on them then. <br />Mrs. Kolata responded that Mr. Conard may <br />have felt that it was not ready to go, <br />but the bid was from Mill Race <br />Partnership, who put into a Contract <br />cert in dates that they would perform by <br />and those dates have not been adhered to, <br />the second contract has not even been <br />MOM <br />
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