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wp-_Izm <br />LIR <br />C� I <br />South Bend Redevelopment Commission <br />Regular Meeting — July 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Housing <br />(4) continued... <br />Improvement Loan Program for property <br />located at 1316 E. Fox Street. (Marie A. <br />Crist a.k.a. Marie A. Williams) <br />C. South Bend Central Development Area <br />(1) Staff report on disposition of property in <br />the South Bend Central Development <br />Area. (St. Joseph /Jefferson Garage Office <br />Project) <br />Mr. Inks reported that at a Special Meeting of <br />the Redevelopment Commission held on <br />July 5, 2005 staff received one (1) proposal <br />from Jefferson Street Associates, LLC and <br />Browning Investments. The bid includes all <br />necessary documents. It also includes the <br />10% faithful performance guarantee. <br />Jefferson Street Associates/Browning <br />Investments has offered $162,500 which was <br />the minimum offering price. The proposed <br />project is a 38,400 sft Class A office <br />development, which exceeds the minimum <br />30,000 sft requirement. Staff has reviewed <br />the proposal and finds that all bid <br />specifications and requirements were <br />satisfied. Staff recommends accepting the <br />proposal and proceeding to negotiate a <br />development agreement. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission accepted the proposal of <br />Jefferson Street Associates and Browning <br />Investments for Tax Key No. 18- 3001 -0024 <br />in the South Bend Central Development Area <br />10 <br />COMMISSION ACCEPTED THE PROPOSAL OF <br />JEFFERSON STREET ASSOCIATES AND <br />BROWNING INVESTMENTS FOR TAX KEY NO. 18- <br />3001- 0024 IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA AND AUTHORIZED STAFF <br />TO NEGOTIATE A DEVELOPMENT AGREEMENT <br />(SW CORNER OF ST. JOSEPH ST. AND JEFFERSON <br />BLVD.) <br />