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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />units. Most of the units will be two - <br />bedroom. <br />Mrs. Kolata asked about the rent structure. <br />Mr. Arneson responded that the low and <br />moderate income units will rent for <br />approximately $380/1 - bedroom and $450/2 - <br />bedroom and the market rate apartments will <br />rent for approximately $500/1- bedroom and <br />$700/2 - bedroom. <br />Mr. Sharp asked about parking on the site. <br />Mrs. Kolata noted that when we bought the <br />Opelika Building the site was smaller than <br />what we offered for sale. In the offering we <br />included another site we own which is <br />presently used for parking. <br />Mr. Arneson noted that they are fairly well <br />along in their preliminary development work <br />and have received commitments for equity <br />and financing. Once they receive the low <br />income tax credits, they are ready to begin. <br />Mr. Arneson noted that The Alexander <br />Company has its own construction company <br />which will act as general contractor for this <br />project, but they will bid out most of the <br />work locally. <br />-7- <br />