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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 /> (2) continued... <br /> LaSalle Hotel a LEED certified project. <br /> Mr. Dally noted that rehabilitation of the <br /> LaSalle Hotel is not a project for amateurs. <br /> The interior will be selectively dismantled <br /> and reassembled to Historic Preservation <br /> guidelines. <br /> To Nancy's question, "Will the project get <br /> off the ground?" Mr. Dally responded that <br /> Mavcon does its thorough research early and <br /> tries to avoid finding "skeletons in the closet" <br /> late in the game. They are not on a"fishing <br /> expedition." They have done a lot of research <br /> into the building already, which has brought <br /> them to the level of confidence to be before <br /> the Commission today with this proposal. <br /> They are confident they can do the project, <br /> but need the purchase agreement signed to <br /> continue to move forward. <br /> Mr. Sielatycki spoke to the company's <br /> experience. They have five attorneys <br /> between in-house attorneys and its <br /> consultant, Varnum, plus four accountants. <br /> The team they've assembled has been doing <br /> New Market Tax Credit (NMTC) deals since <br /> there were NMTC deals to be done. The <br /> NMTC program was developed by the <br /> federal government in 2000. The first deals <br /> didn't start happening until about 2003. <br /> Mavcon's team has been involved in between <br /> fifteen and twenty NMTC deals of this type <br /> and of those, seven or eight include the <br /> historic preservation element. <br /> Mr. Sielatycki described the project as <br /> 31 <br />