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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />The value of being released from this <br />obligation exceeds the minimum offering <br />price of $215,000. <br />Performance Guarantee —The bid did <br />not include a faithful performance <br />guarantee of 10 percent of the purchase <br />price; however, Teachers Credit Union did <br />submit a check for $10. <br />Recommendation Acceptable —The <br />developer should be required to execute <br />the release of lease obligations at the time <br />of closing on the purchase of this property. <br />Project— Teachers Credit Union intends <br />to use the property as a surface parking lot <br />and submitted a preliminary Site <br />Development Plan calling for 44 parking <br />spaces. The design was drawn to facilitate <br />the development of the entire block and <br />the adjacent Leighton Center Parking <br />Garage. Teachers Credit Union may use <br />the property in the future for construction <br />of another office building or parking <br />complex. <br />Recommendation: Acceptable —The bid <br />specifications require that any <br />development must further the overall <br />development of the block as outlined in <br />the Development Plan. The bid addresses <br />that requirement as it refers to the 1984 <br />decision by Teachers Credit Union to <br />locate its corporate office in downtown <br />South Bend. <br />HAWPDATATOMMSM021999.MIN -10- <br />