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South Bend Redevelopment Commission <br />Regular Meeting —June 14, 2011 <br />townhouse style condominiums with two <br />potential commercial buildings. Expected <br />starting prices will be in the $200,000 range. <br />Units will be approximately 1,400 square <br />feet, 2 `/2 stories, all brick, with 3 bedrooms, <br />3 '/z baths and with 2 car attached garages. <br />Mr. Relos noted that the Contract for Sale is <br />currently being drafted by our Legal <br />Department, and will include the requirement <br />for Commission approval of the final site <br />plan and development specifications, and <br />will define use restrictions and set a <br />completion date of 36 months. <br />The selling price of the parcel is $10, with <br />the developer agreeing not to seek tax <br />abatement for the project (5 years tax savings <br />on 10 units has an estimated value of <br />$93,000). Under this plan, the developer is <br />requisitioning no further Commission <br />financial participation. The site plans call for <br />77 guest and street parking spaces along <br />Jefferson, Washington, and behind the <br />building. Staff recommends accepting the <br />proposal from David Matthews and <br />authorizing legal counsel to proceed with the <br />Contract for Sale of Land. <br />Mr. Matthews noted that about 14 months <br />ago he received approval for his Eastbank <br />Townhomes on Colfax Avenue. Since then <br />six townhomes are under construction with <br />four of them sold. The initial expectation <br />was to build three immediately and the <br />remaining three within three years. He has <br />built all six at once, so that site will be <br />developed three times faster than expected, <br />with very positive feedback from the <br />community. Mr. Matthews would like to <br />repeat the process again and try to develop a <br />market for denser living in downtown South <br />20 <br />