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South Bend Redevelgpment Coin fission <br />Reschedule4 Regular Meeting - December 20, 1988 <br />21 <br />a. <br />IW <br />C. <br />(Cont.) <br />considered a good investment. Mrs. <br />Kol to responded that the purchase of the <br />land, demolition of the three buildings <br />on it and the relocation of the <br />businesses was approximately $1,000,000. <br />She considers it a good investment <br />use the land will be returned to the <br />tax rolls and there will be 200 apartment <br />units and more than 200 people living <br />near the downtown. She expects it to set <br />the stage for a certain type of <br />dev opment which has not happened in the <br />dowttown area. <br />Upon a motion by Mr. piasecki, seconded <br />by Mr. Combs and unanimously carried, the <br />Commission approved the Fourth Amendment <br />to ntract for Sale of Land for private <br />Dev opment for parcel E1 -1 in the South <br />Central Development Area. <br />Mrs Kolata explained that under the <br />terms of the Contract for Sale of Land, <br />the developer may not change the form of <br />the partnership without the Commission's <br />approval. Can Am is proposing to modify <br />the partnership. Can- American will <br />continue to be the general partner. <br />Garrett Carlson, Shelter Can- American and <br />Brian Weber will be limited partners. <br />'Thes e are the same people we have been <br />dealing with all along. The changes are <br />in tlie redistribution of the partnership. <br />Upon a motion by Mr. Combs, seconded by <br />Ms. Auburn and unanimously carried, the <br />COMLssion approved the changes to the <br />Partnership Agreement for Can Am South <br />Bend Limited Partnership. <br />-4- <br />COKnSSION APPROVED E FOURTH <br />AMENDMENT T• CONTRACT F• - SATIE OFF <br />CENTRAL IAND FOR PRINATE DEVELOPMENT FOR <br />PARCEL E1-1 IN THE SOLTJ[H BEND <br />•- E <br />*kq4ISSI0N APPROVED THE CHANGES <br />TO THE PARrNERsBip AaREEmENT FOR <br />SOLITH BEND IJMI= <br />PARTNERSHIP <br />