Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Me ting - July 8, 1988 <br />6. NEW BUSINESS (Cont.) <br />b. Corhtinued... <br />Niles Colfax Associates, a partnership of <br />JoIn Phair, Wallace Holladay and Charles <br />Clark, has bid $112,000 for the property <br />and has submitted a performance guarantee <br />of $11,250. They propose to build a <br />30,000 square foot two -story office <br />building. There would be 32 parking <br />spaces below the first story and 84 <br />surface spaces on the site. Construction <br />would start the end of 1988 or early 1989 <br />and be complete by the end of 1989. The <br />as imated project cost is $3,000,000. <br />:)e signs are not complete, but materials <br />aao ld be brick with tinted windows. Mrs. <br />{ol to noted that the partnership has a <br />str ng potential tenant for a 15,000 <br />re foot lease, but the lease is not <br />�i ed and the tenant cannot be <br />ide tified at this time. <br />Mr. Nimtz asked if he understood <br />correctly that the Commission would be <br />paid as the Kayak Run units are sold. <br />Mr. Benedix responded that that was <br />Mrs Kolata asked Mr. Benedix about the <br />Comftission requiring a letter of credit <br />for the full purchase amount to be <br />reduced by the sales price of each unit <br />as it is sold. This had been discussed <br />with Mr. Benedix previously. Mr. Benedix <br />indicated that he would be discussing <br />this with the partnership on July 12 when <br />the partnership met regarding several of <br />its current projects. <br />Mr. Combs asked about plans for the <br />building of the subsequent units. Mr. <br />Benedix responded that the entire project <br />would be complete within two years. <br />Mr. Nimtz asked if he was correct in <br />calculating that it could be five years <br />before the Commission is paid off. Mr. <br />Benedix responded that he is proposing a <br />5 y . land contract but that they did not <br />exp�ct that it would take more than two <br />-5- <br />