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South Bend Redevelopment Commission <br />Regular Meeting -September 5, 2008 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(4) continued... <br />floors on the first floor, recycled ceramic, <br />high efficiency furnaces and central air units. <br />Mr. Gibney noted that staff has spent time <br />trying to envision the project from both sides <br />of the river. The city will use proceeds from <br />the sale of the land to make improvements <br />for the project and improvements to the west <br />side of the river, the view from the project. <br />Mayor Luecke expressed the city's <br />excitement for this signature project. It <br />complements the city's planning for the East <br />Bank as well as development that has been <br />occurring in the downtown. We keep <br />hearing about people who want to live near <br />the downtown, near the Morris, to the office <br />and work opportunities, to the arts <br />opportunities. This project will meet those <br />needs. He asked for the Commission's <br />favorable action. <br />Ms. Laurent noted that the property was <br />previously offered through the public <br />disposition process at the appraisal average <br />of $337,500. P1aceBuilders seeks a <br />concession on land price with an offer of <br />$150,000, in order to make sales prices for <br />the units more viable in the South Bend <br />market. Staff has found this value for the <br />cleared land to be justified in the pro forma <br />they have presented and a critically important <br />aspect of the project. We want to be able to <br />insure the success of the project, while still <br />making funds available to assist with the <br />cleanup of the riverbank and other <br />9 <br />