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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 /> financing, there could be a request for a <br /> parking deck(which could also be used for <br /> the Morris Performing Arts Center). Mr. <br /> Gibney stressed that the $5,000 sales price is <br /> a small incentive for a $15M project. As a <br /> comparison, when South Bend Heritage <br /> Foundation bought the Robertson's Building <br /> to do a $12M project, they bought it for $1. <br /> South Bend Heritage used Low Income Tax <br /> Credits for that project. <br /> Mr. Gibney also stressed that staff has been <br /> working with Mavcon for about six months. <br /> Unlike all the other developers who have <br /> expressed interest in the building, Mavcon <br /> has kept staff informed of what they are <br /> doing. Mavcon has taken the initiative to <br /> keep us informed, instead of staff needing to <br /> take the initiative to follow up. <br /> Mr. Dally noted that as soon as the <br /> Commercial Purchase Agreement is signed, <br /> they will begin to complete their due <br /> diligence and determine what their funding <br /> gap will be. To be sure, that site has a <br /> parking problem, so they will definitely need <br /> to solve that. <br /> Mr. Gibney noted that every developer who <br /> has looked at the hotel has mentioned the <br /> parking problem. There is no way for the <br /> city to get this site redeveloped without <br /> funding a parking deck. <br /> Mr. Varner made a motion to approve the, COMMISSION APPROVED COMMERCIAL <br /> Commercial Purchase Agreement with PURCHASE AGREEMENT WITH MAVCON <br /> Mavcon Properties of Kalamazoo, Michigan. PROPERTIES OF KALAMAZOO,MICHIGAN <br /> (LASALLE HOTEL . <br /> 34 <br />