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South Bend Redevelopment Commission <br />Regular Meeting -June 6, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />will increase synergy between the downtown <br />and Eddy Street Commons. <br />Ms. Laurent noted that the Agreement and <br />Contract spell out the Commission's <br />obligations to work with the developer to <br />vacate a portion of the alley to the west, <br />known as DeRue Court, and a portion of the <br />area to the north owned by the <br />Redevelopment Authority and used by the <br />College Football Hall of Fame for a row of <br />surface parking. We have been in <br />communication with the HOF about this <br />need, and will continue to do so as we work <br />through replacement parking scenarios that <br />brings additional convenient parking to St <br />Joseph Street, along with an improved <br />streetscape plan intended to reduce the effect <br />of high-speed traffic on St Joseph. <br />Ms. Laurent noted that a twenty four month <br />construction schedule is contemplated, with <br />substantial completion of the garage in 18 <br />months expected. The Commission's <br />financial obligation is described in Section 5 <br />of the Development Agreement. Upon <br />completion of the garage, the Developer may <br />exercise the purchase option outlined in the <br />agreement, whereby the Commission <br />purchases the garage portion of the Project <br />for an amount not to exceed $3,696,000 <br />(calculated at $17,600 per space, a value <br />under anticipated actual construction costs). <br />The garage will then be leased back to the <br />Developer for a nominal sum, in exchange <br />for the Developer providing ongoing <br />10 <br />