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South Bend Redevelopment Commission Regular Meeting —June 14, 2011 Mr. Dally noted that rehabilitation of the LaSalle Hotel is not a project for amateurs. The interior will be selectively dismantled and reassembled to Historic Preservation guidelines. To Nancy's question, "Will the project get off the ground ?" Mr. Dally responded that Mavcon does its thorough research early and tries to avoid finding "skeletons in the closet" late in the game. They are not on a "fishing expedition." They have done a lot of research into the building already, which has brought them to the level of confidence to be before the Commission today with this proposal. They are confident they can do the project, but need the purchase agreement signed to continue to move forward. Mr. Sielatycki spoke to the company's experience. They have five attorneys between in -house attorneys and its consultant, Varnum, plus four accountants. The team they've assembled has been doing New Market Tax Credit (NMTC) deals since there were NMTC deals to be done. The NMTC program was developed by the federal government in 2000. The first deals didn't start happening until about 2003. Mavcon's team has been involved in between fifteen and twenty NMTC deals of this type and of those, seven or eight include the historic preservation element. Mr. Sielatycki described the project as mixed use historic redevelopment with commercial space on the first two floors. Some of those things are the regulatory requirements of the NMTC model. The balance will be market rate apartments (45- 65 apartments). W.