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