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South Bend Redevelopment Commission <br />Regular Meeting - May 16, 1997 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />that this request could possibly be put in the <br />covenants but he was unsure since he hasn't <br />had a chance to speak with an attorney <br />regarding this matter. <br />Ms. Schwartz noted that once the units are <br />sold there's a chance the units could be <br />converted into rental units. Mr. Thorsburg <br />said they could possibly put a provision in <br />their condominium association documents <br />stating that once the units are sold, the <br />owners could not convert the units into <br />rental units. <br />Mr. Faccenda stated that the issue that the <br />Commission is concerned with may be the <br />first buyer's concern. Mr. Faccenda stated <br />that if a person wanted to purchase a unit <br />today there are no units available. Ms. <br />Kolata noted that the problem is not with the <br />proposed project but with the possibility of <br />conversion of the units which then would <br />make the proposed project not marketable to <br />the market C.D.T. is trying to attract. Ms. <br />Kolata noted that once a unit is filled with <br />students, potential buyers will be less likely <br />to be interested due to the conversion of a <br />unit to a rental unit and the associated <br />problems attached to student rentals. <br />Ms. Bruneel stated that the Commission <br />could condition their approval on the <br />covenants but she wasn't comfortable with <br />saying that the Commission could condition <br />the covenant on a unit -by -unit basis. <br />H:\HOME\CPHEPPS\WPDATA\COMMSM051697.MIN -15- <br />