Laserfiche WebLink
South Bend edevelopment Commission <br />Rescheduled Regular Meeting - June 27, 1990 <br />6. NEW BUSMS (Cont.) <br />1114B101011=aml <br />ha ire just now gotten over the hump with <br />the federal examiners and the regulatory <br />authorities who I have suggested to you <br />arxi who were in last week, just prior to <br />the letter, (I refer you to paragraph 11 <br />of my written objection) they are very <br />concerned that to have the credit union <br />incur substantial additional capital <br />is going to have a serious <br />a&rerse effect upon our ability to <br />maintain the standards that we are <br />directed to maintain in the operation of <br />the credit union as to operation, size, <br />profitability, service to membership and <br />all the other things. You know, Mr. <br />N' z, that those folks are pretty picky <br />ut compliance. <br />So we feel that the things that I have <br />en ted for you, and I will just <br />maition the topics without going into <br />the substance of each of those, because <br />I trust that each of you will have an <br />opportunity to adequately evaluate the <br />points of the objection we made. We've <br />given you a little bit of our history, <br />we ve been here and stayed here, we had <br />lwid acquisition in 1986 with your <br />assistance. We thought that we, very <br />hoi iestly, were the pioneer in the <br />re levelcpment of that Corridor by <br />ba lding that new building there and <br />aa piring that property. We've been <br />there, and I've referred to tenure, we <br />had tax abatement, we've talked to you <br />ab)ut the corridor plan and that was <br />railly the phase one, phase two feature <br />thit I called to your attention. Item <br />se ren is the cost of that acquisition, <br />an I I'll not enumerate all the things <br />th it go into cost. Land acquisition is <br />on y one of them. From that to business <br />in Dern4ption, to loss of business, and <br />yo i name it. The corridor plan itself, <br />wi us being zoned the way we are, we <br />re illy fit where we are and we think <br />th t we probably fit well into the new <br />-7- <br />