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IL South Bend Redevelopment Commission <br />Regular Meeting — December 2, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Receipt of Proposals <br />(2) continued... <br />Based upon legal counsel's review. all of the <br />bids submitted were non - conforming. Legal <br />counsel advised that pursuant to IC 36 -7 -14- <br />22, the Commission may not award a bid at <br />this time based upon its current offering. By <br />statute, thirty days after the opening of these <br />offers, the Commission may dispose of the <br />property through a negotiated sale. <br />Ms. Greene noted that the Hotel LaSalle is a <br />much more complicated development project <br />than the air rights over a parking garage. It is <br />encouraging to see such a high level of <br />interest in the two properties offered under <br />the Commission's attempt to market more <br />broadly. <br />Ms. Laurent noted that most of the interest <br />expressed in the Hotel LaSalle is for multi- <br />family residential. That is just what we want <br />to see in the downtown. Financing is going <br />to be the most critical part of ever seeing a <br />project happen with the Hotel LaSalle. That <br />kind of financing does not come together <br />over night, which is why the proposals came <br />in non - conforming. We do have quality <br />firms with the capability of completing this <br />project and they have a passion for the <br />project. We are very pleased with this result. <br />Mr. Randall Lipps was present at the <br />meeting. He has been in the apartment <br />business for thirty years. His interest in <br />doing the project started when his daughter <br />said there was a waiting list for an apartment <br />in downtown South Bend. He has developed <br />11 <br />