HomeMy WebLinkAboutSM 03-14-88March 14, 1S
4:00 p.m.
Presiding Of
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL MEETING
icer: Mr. F. Jay Nimtz
President
1. ROLL CALL
Members Present
Members sent:
Legal Counsel:
Redevelo ent Staff:
News Media:
Others:
2. NEW BUSI
a. Comm
Amen
for
in t
FA
1200 County -City Building
227 W. Jefferson Boulevard
South Bend, Indiana 46601
Mr. F. Jay Nimtz, President
Mr. Roman J. Piasecki, Secretary
Mr. Sandy Combs, Assistant Secretary
Mr. Michael Donoho
Ms. Paula N. Auburn, Vice President
Ms. Carolyn Pfotenhauer
Ms. Ann Kolata, Acting Executive Director
Mrs. Cheryl Phipps, Office Manager
Ms. Gretchen Matthews
Mr. James Wensits, South Bend Tribune
Ms. Lynn Weber, Can - American Realty Corp.
Mr. Kent Richey, Leonard, Street & Deinard
Mr. Robert Fuerst, Dane Bosworth
Ms. Eugenia Schwartz, Nickle & Piasecki
Mr. Steve Luecke, South Bend Common Council
Mr. Jon R. Hunt, Assistant to the Mayor
ion approval requested for Second
nt to Contract for Sale of Land
vate Development for Parcel El -1
ie South Bend Central Develo
Mrs. Kolata noted that the Second
Amen ent to Contract for Sale of Land
changes the following things: (1) assigns
all rights belonging to Raintree Point
Associates, Ltd. to Can -Am South Bend
Ltd. Partnership; (2) the developer
(Can Am) assumes all of these rights; and
(3) the project schedule. The new
schedule calls for the developer to take
possession of the land on or before
Sept r 15, 1988; to come before the
Desidn Review Committee no later than
-1-
South Bend
Special Me
elopment Conrnission
- March 14, 1988
2. NEW BUSINESS (Cont.)
a. uommnuea...
May 19, 1988; submit evidence of binding
comitments for construction financing by
July 15, 1988. This agreement is
conditioned on action to be taken by the
Econ mic Development Commission and South
Bend Commn Council later today and also
on satisfying our legal counsel that all
legal requirements are in place.
Lynn Weber, Vice President of
Can-American Realty Corp., described
their experience in this field and the
project they are proposing for the
parcel. Can -Am is a full service
deve opment company whose principals have
been in the development business for over
20 years. They are primarily developers
of multi-family housing. They have three
offices in the U.S. and one in Winnepeg,
Canada. Their underwriter, Dane
Bosworth, introduced them to the Raintree
Point package approximately two weeks
ago. In the intervening two weeks, Ms.
Weber visited South Bend to evaluate the
market and the site. They felt this was
an exceptional opportunity and began
tryiiig to work out a purchase agreement
with Mr. Hutchcraft of Raintree Point
Associates. The combined Can -Am
com ies have a net worth in excess of
$20,000,000. They have done
appr ximately $180,000,000 of strictly
resi ential apartment units and another
$100 000,000 of hotel financing.
Although they have not had enough time to
fully develop a proposal for the site,
they will still commit to 200 or more
units. They do quality buildings and
like smaller buildings with a townhouse
feel They envision garden type
apartments which may be four stories in
some levels. They would probably use a
combination of siding and brick exterior.
-2-
South Bend edevelopment Commission
Special Mee ing - March 14, 1988
2. NEW BUS� SS (Cont.)
a. uon-ginuea...
Ms. Weber indicated that they expect to
be able to supply a firm financial
commitment within 120 days.
Mr. Nimtz expressed appreciation for the
intensive work done over the last several
days toward salvaging this project.
Mr. Donoho asked if they will try to use
local contractors. Ms. Weber responded
that she had noticed in the contract that
it called for "a best effort ". She could
not romise that a local contractor would
be used but stated that local contractors
usually can provide the best bid and
control of on -site work. However, a
lend is biggest requirement is that the
contractor be fully bondable.
Mrs. Kolata noted that the "best faith
effort" provision remains in the
contract.
Mr. Piasecki asked what the immediate
plans were to proceed. Ms. Weber
responded that the architect would come
to South Bend next week to begin his
work When he has some preliminary
plan , they will begin looking for
lenders.
Mr. Wensits asked when they could expect
to start construction. Ms. Weber
responded that they would start
construction by September 15 and
construction would be complete
appr ximately fifteen months later.
Mr. Nimtz expressed appreciation that
Can-Im is happy with the site. The
Co ssion has resisted numerous
inquiries to develop the site with
conmercial development.
Ms. Schwartz requested that any motion
for approval of the Amendment would be
made subject to approval by legal
counsel.
-3-
South Bend R development Commission
Special Meeting - March 14, 1988
2. NEW BUSI S (Cont.)
a. Cont._nued .. .
Upon a motion by Mr. Piasecki, seconded
by Donoho and unanimously carried,
the COHnussion approved the Second
Amen ent to Contract for Sale of Land
for Private Development for Parcel El -1
subj ct to review and any revision
required by legal counsel, with the
understanding that the intent of the
proposal presently before the Commission
be mintained.
3. NEXT C"ISSION MEETING
0
COMMISSION APPROVED THE SECOND
AMENDMENT TO CONTRACT FOR SALE
OF LAND FOR PRIVATE DEVELOPMENT
FOR PARCEL El -1
The next egular Meeting of the Commission NEXT COMMISSION MEETING
Wil l be F iday, March 25, 1988 at 10:00 a.m.
There being no further business to come before ADJOURNMENT
the Commission, Mr. Combs made a motion that
the meeting be adjourned. Mr. Piasecki
seconded the motion and the meeting was
adjourned at 4:55 p.m.
rJ
Paula N.
n, Vice President Ann E. Kolata, Acting Executive Director
-4-