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South Bend Redevelopment Commission <br />Regular Meoting - September 9, 1988 <br />6. NEW BU D ESS (Cont.) <br />c. continuea... <br />e. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Combs and unanimously carried, <br />the, Commission adopted Resolution No. <br />857 approving an application for real <br />prcperty tax deduction for property <br />1 ted at 108 N. Main Street. <br />Mrs. Kolata noted that Parcel E1 -1 is <br />th parcel known as the Mill Race <br />site, bounded by LaSalle Street, the <br />t Race and the St. Joseph River. <br />Ms. Lynn Weber, representing <br />Can-American South Bend Partnership, <br />explained the status of her company's <br />project for the site. After the <br />assumption of the Purchase Agreement <br />by Can Am in March 1988, Can Am <br />concentrated on putting together a <br />ket analysis and going through the <br />plan approval process, so that by June <br />1 they were submitting a financing <br />booklet to approximately 35 lenders. <br />Since then, interested lenders have <br />been coming to South Bend for site <br />visits. There are presently two <br />lenders close to committing to the <br />prcject. One has signed a commitment <br />co tingent upon a site visit to be <br />ma e September 12th. <br />Ms. Weber noted that they have worked <br />v hard on the project and are <br />pleased with their progress, but since <br />they do not have financing quite in <br />place, they are requesting an <br />Amendment to the Contract for Sale of <br />Lard extending the time for delivering <br />fizm financing commitments and for <br />startirxj construction. They will also <br />• i E • • •• • I• Z41iO1111110ft" Aoe <br />APPROVING • FOR <br />INEU PROPERTY TAX DEIXJCrION FOR <br />PROPERTY LOCATED AT 108 N. MAIN <br />