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South Bend Redevelopment commission <br />Regular Meoting - December 9, 1988 <br />5. OLD BUSINESS (Cont.) <br />a. Continued... <br />aPj roximately 85 parking spaces which <br />wot ld be made available to the public <br />dLu ing non business hours. Dolphin <br />De-sign's bid is $169,375 for parcels E3 -3 <br />E3 -4, E9 -11, and E9a&b (the minimum <br />of ing price for these parcels) and has <br />'cated that they would pay the minimum <br />off ing price for the other parcels when <br />the are appraised and offered. The <br />pro'eat would begin construction on March <br />20, 1989 and be completed by August <br />198. They are interested in whatever <br />tax abatement they are eligible for and <br />wan us to do some public works <br />improvements, on Niles Avenue. <br />Craitive Development co. /Financial <br />Senrices, Inc. submitted a proposal and <br />bid for parcels E3 -3 and E3 -4. The <br />pro is for a 20 unit, entirely <br />speculative, apartment complex. Rents <br />would range from $675 - $795 per month. <br />Each unit would have one garage space. <br />Parlm,ig would probably not be available <br />to Ihe public because it is a residential <br />pro ect. The total project cost would be <br />$924,000. Creative Development's bid for <br />parcel E3 -3 &4 is $29,550, the minimum <br />residential offering price. Construction <br />would start April 30, 1989 and be <br />leted September 10, 1990. They <br />in to apply for tax abatement and <br />prcbibly are interested in having us make <br />imprwements to Niles Avenue. <br />Valley Development Co. (John Freidline) <br />submiLtted a proposal for sixteen <br />condmiinium units for parcel E9 -11, <br />indicating that he would be bidding on <br />parcels E9 -14 and E9 -15 and E9 -8a&b when <br />they were offered in order to build <br />additional units. The condominiums would <br />sell for approximately $65,000 each. <br />Each unit would have a private garage. <br />Thtal project cost would be $600,000 plus <br />land costs. This is a speculative <br />-5- <br />