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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1993 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />Transpo Lot and with an option to <br />purchase a second 25,200 square foot <br />building pad on the Shoppers Lot. <br />They offered $112,140 for the first <br />building pad, based on the minimum <br />offering price of $4.45 per square foot. <br />Mrs. Kolata noted that the proposed <br />schedule, if the bid is accepted today, <br />is to execute a Contract for Sale of <br />Land within one month, prepare <br />marketing materials within two months, <br />receive formal commitments from <br />tenants for 80% of the building by <br />January 1994, completion of drawings <br />and specifications and ground breaking <br />by March 1994, and completion by mid - <br />November 1994. <br />Mrs. Kolata stated that the proposal <br />included a letter from the Multi - <br />employer Property Trust to finance the <br />first building, contingent upon the <br />developer meeting the preleasing <br />requirement. <br />The developer is requesting that the <br />City build and maintain the public <br />plaza: two - thirds in connection with <br />phase one ($421,000) and the remaining <br />one -third with phase two ($183,000). <br />They have also asked the City to <br />provide a total of 400 parking spaces in <br />a parking garage that they suggest be <br />located immediately east of the Teachers <br />Credit Union Building and to provide <br />-10- <br />