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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Mr. Tom Panzica brought the project <br />architect, Phil Panzica, and the financial <br />consultant representing a group of investors <br />for the project, Tom Varga. He assured the <br />Commission that if the prospective tenant <br />selects their proposal, they do have the <br />financing in place to do the project. Mr. <br />Panzica also stressed that he has been <br />working with the Redevelopment staff since <br />November 1993 on this specific site, for this <br />specific tenant. The prospective tenant's <br />process has imposed this lengthy timeframe. <br />Holladay Corporation has become interested <br />in this site late in the process. Panzica <br />Development thought they had the <br />understanding with the tenant that they <br />would only entertain one proposal for a <br />particular site. They were very surprised to <br />find that a second proposal for this site was <br />from the same tenant they were working <br />with. <br />Mr. Panzica stated that if the situation <br />becomes such that there is competition on <br />the site as the proposals go to the tenant, the <br />final product may be somewhat degraded in <br />order to be economically competitive. <br />Instead of the project being presented as a <br />superior site with a quality project, the <br />emphasis becomes "who can deliver the <br />project at the lowest rent." The amenities <br />become less important than if the amenities <br />come with the site. As it stands, Panzica <br />feels it is proposing the highest and best use <br />of the site. <br />cow -14- <br />