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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Mr. Panzica also pointed out that if the <br />Commission leaves the decision to the <br />tenant, it allows the outside party to <br />determine what will happen on that site. <br />Mr. Panzica also noted that their offer is <br />contingent upon only one lease. It the major <br />tenant selects their offer, the development <br />will take place. <br />Mr. Sharp asked Mr. Panzica if the need to <br />acquire privately owned property violates the <br />requirement of site control that the tenant <br />requires. Mr. Panzica responded that he <br />didn't feel that the highest and best use of <br />the site, long term, includes parking. They <br />would rather see two buildings on the site <br />and use additional land for parking. <br />However, phase two could occur without <br />acquisition of the additional land. There are <br />no parking requirements for development in <br />the downtown and there is enough parking <br />available on the streets nearby if it could not <br />be acquired. <br />Mr. Panzica pointed out the safety issues <br />that hinder development at the southern edge <br />of downtown. They feel that by having <br />phase one of their project in place, phase <br />two becomes more desirable. They have <br />had potential tenants express interest in the <br />phase two project if phase one is in place. <br />Mr. Perri stated that he thought this was a <br />terrific opportunity for the Holladay <br />Corporation to be involved in another high <br />IL -15- <br />