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South Bend Redevelopment Commission <br />Regular Meeting — Thursday, November 14, 2013 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />• $8,400 sales price. <br />• Improve lot per Exhibit B of the agreement within a two -year period <br />• Items precedent to closing include: <br />o Proof of financing <br />o Commission approval of the site's Development Plan <br />• Restrictions for use of property (per Development Plan) <br />• Title revetment upon certain events <br />Staff requests Commission approval of this Agreement for Sale and the Development Plan <br />for this property to support the new, larger development at the East Bank Townhomes site. <br />Mr. Jones asked if the site itself will include parking. Mr. Matthews responded that it will. <br />Ms. Jones asked if the Sycamore parking is across the street. Mr. Matthews responded that it <br />is. <br />Mr. Wruble asked if Mr. Matthews was planning on converting the apartments into <br />condominiums. Mr. Matthews responded that at this time he's unsure. He's had good <br />success at Ivy Quad by the Notre Dame Campus selling flats to people who have relocated <br />to be near Notre Dame, and who want to have the housing on one level, as opposed to what <br />has been built in the downtown area which is housing on multiple levels. This is an <br />opportunity to try building flats downtown. <br />Mr. Downes asked what the square footage would be for one of the units. Mr. Matthews <br />responded that the small units would be approximately 1,000 sq. ft. and the large units <br />would be approximately 2,000 -3,000 sq. ft. <br />Mr. Downes asked if there is any anticipation of a demand for a bigger unit, where a buyer <br />would want the entire floor. Mr. Matthews responded that he will not be adjusting the unit <br />size at this development. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br />Commission approved the Agreement for Sale of Land for Private Development and <br />Development Plan (228 Sycamore). <br />(2) Lease termination request for 119 S. Michigan St. <br />Mr. Zeeb noted that on October 30, 2013 the Department of Community Investment <br />received notice from the South Bend Police Department to terminate its existing lease in the <br />Michigan Street Shops located at 119 S. Michigan St. <br />1i <br />