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South Bend Redevelopment Commission <br />Regular Meeting -November 7, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(7) continued... <br />the current owner, John Coyne. <br />An offer has been received by John Freidline, <br />the owner of the JMS building to purchase <br />the property for $200,000. Mr. Freidline <br />intends to invest in the redevelopment of his <br />building with an adaptive residential reuse <br />project, and requires parking to support this <br />development. Staff requests approval of the <br />offer and direction to work with legal counsel <br />to bring forward a contract for sale of land at <br />the November 21 Commission meeting. <br />Mr. Downes asked what would happen if Mr. <br />Freidline didn't develop his project. Ms. <br />Laurent responded that the bid specifications <br />were intentionally written broadly for <br />redevelopment and reinvestment in the JMS <br />building. They did not require development <br />to be a residential project. He is very <br />anxious and has his plans in place, including <br />to make improvements to the parking lot. <br />Since we are selling the property for what we <br />paid for it, we do not need to be as stringent <br />about deliverables. In any case, the parking <br />lot is a good addition to that building. <br />Mr. Freidline has secured financing for the <br />project. He intends to move his office <br />tenants around in the building in order to be <br />able to model a portion to residential condos <br />at this time. He is a little unsure how quickly <br />he will be able to convert the building to <br />residential condos, considering the current <br />housing market. Staff understands that and is <br />willing to be patient, since we are not <br />10 <br />