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South Bend Redevelopment Commission <br />Regular Meeting -March 28, 2008 <br />6. NEW BUSINESS (CONT.) <br />G. Northeast Neighborhood Development Area <br />(1) continued... <br />lease the parking structure that is slated for <br />construction by the South Bend <br />Redevelopment Authority commencing in <br />June 2008. Following a construction <br />schedule of nine months, completion of the <br />garage is expected in March 2009. The <br />Commission has arranged to lease from the <br />Authority this property as well as <br />surrounding properties for the public <br />purposes of infrastructure creation and <br />upgrading and site preparation for <br />development. It is not the goal of the <br />Commission to control the garage or own it <br />indefinitely; rather it is to assist in financing <br />it through bond funding in order to facilitate <br />the overall Eddy Street Commons <br />Development. The disposition by lease <br />needs to be bid out and the Commission must <br />approve Bid Specifications. <br />Mr. Peczkowski questioned the statement at <br />the end of the Bid Specifications in bold, <br />"The Redevelopment Commission expressly <br />reserves the right to reject any and all bids <br />and in the event that no bid is awarded, the <br />Redevelopment Commission can dispose of <br />the property at either public sale or private <br />negotiation in accordance with Indiana Code <br />§36-7-14-22". He asked what the code says <br />on that. He wondered if we were anticipating <br />there would be no bid awarded, or is this just <br />a formality. Ms. Laurent responded that it is <br />language quoted directly from the statute. <br />Mr. Peczkowski asked if we expect to use <br />that option. Ms. Laurent responded that it is <br />26 <br />