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South Bend Redevelopment Commission <br />Regular Meeting - March 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />k. continued... <br />LaPorte and Southern Michigan. If there are <br />no available buildings, then these people <br />will go to the next community until they <br />find something that meets their needs. <br />Pat McMahon stated that he sat in on the <br />City Council meeting regarding Jim Brown <br />and Chris Davey's projects. He stated that <br />the one thing that Project Future has not <br />been able to sell is available space because <br />there has been virtually none in South Bend. <br />He also stated that years ago, a bank would <br />finance a loan at 100 percent for a <br />speculative building. Since the economy <br />has changed, a bank will not loan money to <br />someone who is planning to build a <br />speculative building. If someone wants to <br />build a speculative building, they have to <br />use their own resources in order to move <br />forward with these projects. Mr. <br />McMahon's representation was that the City <br />of South Bend has an opportunity to capture <br />additional business if it would put <br />something in place to encourage speculative <br />development. He suggested that South <br />Bend's opportunities can be enhanced with <br />some type of tax abatement in place, at the <br />highest level (e.g. manufacturing zoning), <br />for anyone who is planning to develop a <br />speculative building. <br />Ms. Schwartz asked Mr. Brown if the two <br />speculative buildings he's proposing to <br />develop will have some Restrictions and <br />Covenants. Mr. Brown responded "yes." <br />-11- <br />