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South Bend Redevelopment Commission <br />Regular Meeting - September 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />amount of $16,500 for the property. Lex <br />Investments, Inc. included in their <br />proposal a site plan that was prepared by <br />Joe Dzierla & Associates Architects. Lex <br />Investment, Inc. intends to use the site as <br />a parking lot integrated with and <br />complementing the present use of 509 W. <br />Washington. The advantage of this <br />proposal is that the parking lot will only <br />be used during the day. The parking <br />pattern is low density and there is no curb <br />cut requested. Lex Investment, Inc. has a <br />financing commitment from Valley <br />American Bank. They intend to complete <br />the project four to six weeks after <br />acquiring the title. There was also a <br />check in the amount of $2,000 that is <br />slightly more than the 10% required for <br />the performance guarantee. <br />Mr. Emery stated that his building is <br />located at 501 W. Washington and has <br />been there since 1910. It is a downtown <br />residence and has no parking lot except <br />for the four residential spaces that the <br />City provided. <br />Mrs. Auburn asked Mr. Emery if most of <br />his residents work during the day so that <br />their parking needs would be mostly at <br />night. Mr. Emery stated that most of his <br />residents are retired and have cars and <br />some of the residents are on social <br />security and disability that have cars and <br />drive. <br />Mr. Jim Knepp from Lex Investments, <br />C -12- <br />