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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 />subsidizing the project at all. <br />Mr. Leone noted that the contract for sale <br />could be written in such a way that it delays <br />closing based on meeting certain <br />benchmarks, whatever the Commission feels <br />appropriate. <br />Mr. Downes said his concern is that <br />acquisition of the parking lot enhances the <br />value of the JMS building. If he doesn't <br />move ahead with the project, we have used <br />public money to improve his position. He <br />could sell the building and lot at a profit. <br />Mr. Varner said that he would be concerned <br />that the building and lot could be more <br />valuable in a use the Commission would not <br />have wanted to be party to. He also <br />wondered if the city might eventually want <br />that lot for expansion of its parking garage. <br />Ms. Laurent responded that we asked our <br />engineering department to evaluate whether <br />the garage could be expanded onto that lot. <br />The evaluation indicated it could not. <br />Ms. Laurent noted that this parking lot is a <br />profit center for John Coyne, owner of the <br />parking lot. He wasn't particularly interested <br />in selling the lot, but he is also a supporter of <br />downtown South Bend. He didn't want to <br />stand in the way of development that the <br />Commission saw as important. The <br />$200,000 is well above the appraised price. <br />It was the price that Mr. Coyne was willing <br />to sell at. <br />11 <br />