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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (1) continued... <br /> Rink site, this development would include 10 <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 /> 22 <br />