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ILSouth Bend Redevelopment Commission <br />Regular Meeting — October 7, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(4) continued... <br />was set at $162,500 by Resolution No. 2173, <br />adopted June 17, 2005. The two appraisers <br />have verified that the fair market value has <br />not changed in light of the revised bid <br />specifications. <br />Staff has been instructed by the Commission <br />to pursue all potential quality development <br />opportunities that will complement the <br />development of a parking structure on this <br />site. The goal in doing so is to encourage <br />added investment, more employment and <br />population density in the downtown core and <br />IL an appropriately scaled and designed <br />building that would take advantage of the <br />views and the location between the St. <br />Joseph River and the vitality and commerce <br />on Michigan Street. The intended uses <br />outlined in the Bid Specifications would <br />include office, multi - family residential, hotel <br />or entertainment uses. <br />Mr. King commended staff for the quality of <br />the bid packet. In the past bid packets were <br />legal documents that would not catch the <br />attention of anyone who did not already <br />know about the availability of the property. <br />The new format is a much better marketing <br />piece. He recognized the months of hard <br />work by staff to put it together and hoped <br />that it would be the model for future bid <br />packets. Also, he hoped the document would <br />answer the questions of many in the <br />community about what is being done to <br />market the two properties. The document is <br />a very positive step forward. <br />14 <br />