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ra <br />EXECUTIVE SUMMARY <br />I. Phase I <br />The SBCC Development Corporation proposes to buy the current Commerce Center on <br />East Colfax St. in South Bend. The building is currently used as office space, but we plan <br />to repackage the 83,305 sq. ft. building into more of a mixed -use development. The South <br />Bend Chocolate Company would move their factory and outlet store to the building. We <br />will also build a restaurant addition to the East Race side of the building and develop a <br />retail portion of the project. <br />II. Phase II <br />Phase II portion of the project includes the construction of another office /retail building <br />to the north of the Commerce Center. We will also develop an East Race Master Plan <br />incorporating Rose Fuel & Material's property. <br />III. Cost <br />The budgeted costs of the project are as follows: <br />Phase I- between $4,785,000 — <br />$5,085,000 <br />IV. Financing <br />With the South Bend Chocolate Company as our partner, the SBCC Development <br />Corporation is seeking financing for phase I of this project. We are looking at three <br />methods of financing, or a combination of the three: a conventional bank loan, B.D.C. <br />loan from the City, and a loan from the current owners. The two companies will spend <br />between $1 -$1.4 million dollars into the finished East Race Place project. <br />