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South Bend Redevelopment Commission <br />Regular Meeting - October 1, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />MRS. KOLATA: I don't know the specifics of <br />that particular case. I was aware of the <br />developer that said he was working to go out <br />and option land. I never heard that there <br />were actual agreements or that they weren't <br />followed through on. That's a real <br />unfortunate situation. We can certainly talk <br />about it. As the property is now, it's a <br />vacant lot? <br />MS. TAYLOR: It's a vacant lot. <br />MRS. KOLATA: What that means is that it <br />will be appraised as a vacant lot and if we <br />were to send a purchase offer, it would be a <br />purchase offer for a vacant lot which would <br />be significantly less in value than what was <br />offered for it by the private developer. <br />MR. HUNT: We were contacted many years <br />ago on this. It was going to be a pure <br />private development. They had talked to us <br />about any kind of rezoning potential and <br />market information and that kind of thing. <br />As I understand it, it didn't move forward <br />because the developer couldn't get financing. <br />The reason they couldn't get financing was <br />that they couldn't get tenants to sign up for <br />that retail development in that area, in terms <br />of the market conditions and the surrounding <br />area. Without tenants signing on the dotted <br />line, financing couldn't come through and <br />everything fell apart. The only thing they <br />had asked us to consider at the time was: as <br />we planned for the general area, to help plan <br />and include that in the area, a retail mall. <br />They had heard at that time that we were <br />-7- <br />