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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 /> piazza or a park. There will be plenty of <br /> extra parking on the site. Currently people <br /> park haphazardly on the lot. He believes he <br /> can get 121 parking spaces on the site by <br /> striping it. The development will be called <br /> the River Race Townhomes. <br /> Mr. Varner asked Mr. Relos what the <br /> disposition offering price was. Mr. Relos <br /> responded that it was $339,500. Mr. Varner <br /> did not like the sale price to Mr. Matthews of <br /> $10. He expects Mr. Matthews will find <br /> there is a good market for condos at that site <br /> and they may even sell with more amenities <br /> and for more than $200,000, similar to how <br /> the market was for the East Bank <br /> Townhomes. Mr. Matthews said the East <br /> Bank Townhomes are twice as large as these <br /> will be. His intent with these is to see if <br /> there is a market for the $200,000 price range <br /> condos. That prorates to a $900 per month <br /> payment which is about the monthly payment <br /> that can be made on a $40,000 a year salary. <br /> An average salary. The downtown is <br /> physically attractive, but it needs a lot more <br /> people on the streets to become vibrant. <br /> Everyone wants to see a grocery store <br /> downtown. The only way that will happen is <br /> for a lot of moderate income people to want <br /> to live downtown. We're never going to hit <br /> that density level to attract a grocery store <br /> otherwise. In his mine, this is an experiment. <br /> Mr. Varner conveyed his concern that with a <br /> purchase price of$300,0004400,000 per unit <br /> and ten units, the city would be subsidizing <br /> each unit at $40,000. The city can't afford <br /> 24 <br />