RM 04-15-88 - Laserfiche WebLink

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South Bend Rescheduled lopment Commission ar Meeting - April 15, 1988 6. NEW BUSIT}ESS (Cont.) g. uonz_�nuea... signed. The Commission did not intend for this to drag out three years. Mr. Cona d then asked why the City signed the bond issue for three years. Ms. Schwartz asked to clarify that. That issue was dealt with in 1985. She rernanbered Mr. Conard asking for a three year period to do the deal. The Co ssion specifically rejected the three year request at that point and agreed on a much shorter time schedule with an early construction start date. The three years was a bond timetable that was entered into with the Economic Deve opment Commission and had nothing to do with the Redevelopment Commission which has control over the land itself. Neither body can commit for the other. Mr. Conard stated that they have worked very hard on this and would like some consideration, whether it be 30 days or whatever to come back with the results of what they have done. Mr. ones asked to comment on the quality Of the project as now proposed. He submLtted that the quality is equal to or exceeds the other proposal. First of all it is 18 stories, not 17. What was pro sed as unit size versus the quoted square footage wouldn't work. That is the reason for the additional floor. Second, the parking garage is better than surface parking. Third, the penthouse area includes a health club for the residents with an outdoor pool, a weight room sauna, etc. He also noted that it would not have been possible to use the same plans for a structure here as had been built in Philadelphia. Every site requ res its own specifications. Mrs. Kolata asked Mr. Jones to describe the enities to be included in the apartments. Mr. Jones explained that the -20-