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South Bend Redevelopment Commission <br />Special Meeting -June 13, 2008 <br />3. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(2) continued... <br />conditions that will be attached to a potential <br />transaction that would justify this purchase <br />price. <br />The owner of the JMS Building, John <br />Freidline, approached the city earlier this <br />year and requested assistance with parking <br />assembly for a proposed redevelopment of <br />the JMS building for residential <br />condominiums. Because of the intended <br />nature of the project, the Commission would <br />only acquire the property by exercising an <br />option on the property and disposing of it <br />through public disposition process in support <br />of the JMS residential project. We would <br />only purchase the property if we were to <br />receive a minimum of $125,000 for the lot <br />from Mr. Freidline, along with the <br />commitment of residential development. <br />Without a negotiated development agreement <br />in place with Mr. Freidline, we would either <br />expect full recapture of the $200,000 <br />purchase price from him, or else the <br />Commission would not exercise this option <br />to purchase. By entering into the option <br />arrangement, the Commission's investment is <br />limited to $2000, but Mr. Freidline gains a <br />degree of certainty over the parking supply <br />that his lenders require while advancing his <br />financing application for the residential <br />project. Ms. Laurent recommended <br />Commission approval. <br />Mr. Downes asked about the results of Mr. <br />Freidline's preliminary marketing. Was <br />there demand for residential condos? Ms. <br />16 <br />