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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Ms. Auburn stated that one of the issues <br />with the Panzica proposal was the offer to <br />pay a portion of the purchase price over <br />time. Mr. Panzica stated that if that was the <br />deciding factor, they would be willing to pay <br />the entire amount at closing. <br />Redevelopment staff encouraged them to be <br />creative with their proposal because there <br />were no Redevelopment funds available to <br />assist with the project. <br />Ms. Auburn asked if the developers would <br />consider making their proposal not <br />contingent on securing the lease with this <br />tenant. Mr. Panzica responded that he <br />thought that would be a tremendous penalty <br />for either developer. They would have to <br />find a different major tenant. They have <br />had difficulty marketing this location <br />previously because the perception is that the <br />locations this far south in the downtown are <br />unsafe. This tenant does not feel that way. <br />This is probably the best chance of selling <br />this location there has been for some time. <br />That is why, once this tenant locates down <br />there, Panzica feels they could build another <br />building and lease it. <br />Mr. Piasecki asked about the timetable for <br />the second phase of the Panzica proposal. <br />Mr. Panzica stated that they are dealing with <br />representatives for several companies who <br />are interested in this site if this other tenant <br />moves in there. But, at this point, it is all <br />speculative. In order to get financing for a <br />second building, they would have to have it <br />-19- <br />