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l <br /> Jeff Gibney inquired into the rental market which the <br /> developer was seeking. Miss Weber noted that prices would <br /> range from $460. 00 for a one bedroom apartment to $550.00 <br /> for a two bedroom apartment. Comparables would include <br /> Candelwood and Runaway Bay. <br /> Councilman Luecke had several questions with regard to the <br /> limited partnership and was advised that the general <br /> partnership held one percent and that ninety nine percent <br /> was held by G.G. Carlson in Minnesota. Can-American Realty <br /> Corporation was the general partner` and Can-American South <br /> Bend Limited Partnership was the limited partner. It was <br /> further noted that $36. 6 was ear-marked for hard <br /> construction costs of the project. It was also noted that <br /> there was an additional $100, 000. 00 which could be utilized <br /> if necessary. Councilman Luecke also inquired as to whether <br /> the the April 29, 1988 deadline was incorporated into the <br /> contract for sale of the property by the Redevelopment <br /> Commission. Mr. Hunt indicated that it was. <br /> Following further discussion, Councilman Slavinskas made a <br /> motion seconded by Councilman Coleman that substitute Bill <br /> No. 20-88 be recommended favorably to Council. The motion <br /> passed. <br /> There being no further business to come before the <br /> Committee, the meeting was adjourned at 6: 10 p.m. <br /> Respectfully Submitted, <br /> Councilman Steve Luecke, Chairman <br /> Human Resources and Economic <br /> Development Committee <br /> SL:srk <br /> 4 <br />