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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 />anticipates beginning construction in late <br />2008 or early 2009, hoping to compete in less <br />than the 24 months required in the <br />development agreement. <br />Dr. Varner asked about the possibility <br />mentioned in the development agreement that <br />R.E.I. might build the parking garage on its <br />own. Mr. Stephenson noted that the <br />development agreement says that R.E.I. will <br />build the garage, sell it to the city which will <br />lease it back to R.E.L, which will have the <br />option to purchase it after twenty years. <br />Depending on tax issues, R.E.I. would like to <br />buy it at that time. <br />Mayor Luecke expressed his appreciation for <br />everyone involved in this project. He thinks, <br />again, that it is a great example of <br />partnership, and shows a high level of <br />confidence in what is happening in <br />downtown South Bend. <br />Mr. Blake asked about banquet rooms. Mr. <br />Stephenson responded that the banquet <br />rooms would about 5,000 sft of flexible <br />meeting space, not necessarily large banquet <br />facilities, on the northeast corner of the <br />building. <br />Ms. Laurent addressed some questions <br />expressed around town about whether this <br />hotel will compete with the one built at Eddy <br />Street Commons. R.E.I. has been in town <br />this week looking a the Eddy Street <br />Commons project and expects that their hotel <br />9 <br />