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South Bend <br />Regular Me <br />elopment Connnission Meeting <br />- June 14, 1991 <br />6. NEW BUSYNESS (Cont.) <br />a. continuea... <br />Ass>cciates proposed to construct a 32 <br />uni townhouse apartment complex, <br />consisting of 24 two- bedrown townhouses <br />and 8 three- bedrocam townhouses. The bid <br />offered $6,000 per year for 21 years for <br />the larger piece of land. They were not <br />inb=ested in purchasing the smaller <br />Diece of land. <br />The second bid opened was from Briazwood <br />Development Company, Inc. and was for <br />both pieces of property. They offered <br />$1,501 per year for 21 years for the <br />sma 1 parcel and $6,001 per year or <br />7,502 per year for 21 years. The <br />dev aoper noted that he did not intend to <br />1 /purchase one parcel without <br />1 /purchasinq both. <br />Bri irwood Development proposed to <br />co trust 48 or more rental apartment <br />uni (six 8 -unit buildings) on the <br />1 er parcel. As the site will <br />a mmodate an additional 16 units, the <br />developer would like to withhold this <br />option until the initial units rent up. <br />The developer intends to apply for Iow <br />Housing Tax Credits through the <br />ana Housing Finance Authority for the <br />proiiect and, therefore, needs to be <br />awarded the property by June 26 in order <br />to i kadm a July 1 deadline for tax credit <br />application. The proposal is contingent <br />upoi i the award being made by June 26. <br />Briarwood Development proposed to develop <br />8 ee- bedroom attached townhouses of <br />approximately 1,080 sft on the smaller <br />Mr. Panzica asked what provision there <br />woul d be for neighborhood input in the <br />selection of a proposal. Mrs. Kolata <br />r nded that the bids were public <br />d is and may be reviewed by anyone <br />who wishes to do so. The staff will <br />consider any resulting cc mnents when they <br />their reccmmiendation to the <br />-5- <br />