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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />however, today there is a parking garage <br />next door to Teachers Credit Union. The <br />need for additional parking in downtown <br />South Bend is being met in a different <br />way. It is being met, in part, by using a <br />part of the Lot which Teachers Credit <br />Union has been using. <br />She also stated that she feels that it is only <br />fair for the City to compensate Teachers <br />Credit Union, on a short-term basis, for the <br />loss of their parking spaces, because that is <br />an economic reality which Teachers Credit <br />Union will have to face. <br />Ms. Schwartz stated that the proposal is <br />worth far more than the minimum offering <br />price. The cost to the City of completing <br />its obligation, which is still in place with <br />Teachers Credit Union, will be far more <br />than the minimum offering price. She also <br />stated that she feels this is a good deal for <br />the City. From an economic standpoint, <br />the release of the Lease obligations is a <br />significant benefit to the Commission and <br />it frees up funds for the City to use in <br />downtown in different ways. It also voids <br />the City's needs to find those funds. <br />She also stated that she feels there is no <br />need for Teachers Credit Union to submit <br />a performance bond, since Teachers Credit <br />Union has already performed. <br />H: \WPDATA \COMMSN\021999.MIN -13- <br />