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South Bend Redevelopment Commission <br />Regular Meeting - May 16, 1997 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />will be a condominium association. <br />Ms. Schwartz asked Mr. Thorsburg who he <br />sees as their market. He stated that they <br />expect primarily empty nesters. He also <br />noted that a lot of Notre Dame alumni and <br />other individuals have requested information <br />on the proposed project. Ms. Schwartz <br />asked what - Neighborhood Housing <br />Services' role is in the proposed project. He <br />explained that they granted C.D.T. a loan <br />and took a second mortgage position. She <br />asked if C.D.T. identified its major financial <br />lender. He stated that Norwest Bank out of <br />Omaha is their financial lender. He also <br />stated that they anticipate starting <br />construction in two to three weeks. <br />Ms. Auburn asked if he sees an interest for <br />Notre Dame students living or renting the <br />condominiums. He stated that there is a <br />potential for some Notre Dame alumni to <br />purchase the buildings. He also noted that <br />some Notre Dame students have expressed <br />an interest in the project. Ms. Auburn asked <br />if C.D.T. covenants restricts rental of the <br />units. She noted that there are <br />condominiums that you can buy and live in <br />but cannot turn around and rent them. She <br />asked if this will be written in C.D.T.'s <br />covenants. <br />Mr. Thorsburg stated that it is not their <br />intention to put students in the <br />condominiums. He stated that C.D.T. hasn't <br />approached this subject with an attorney. <br />APK <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\051697.MIN -13- <br />