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South Bend Redevelopment Commission <br />Regular Meeting -February 3, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />() continued... <br />MAI appraisals at $337,500. Therefore, <br />the Commission could not award the bid to <br />either bidder. Instead, the Commission <br />publicly acknowledged receipt of the two <br />bids and referred them to staff for review. <br />Staff has begun to meet with each of the <br />developers separately to discuss basic <br />project terms and the financial implications <br />of each for the City and Commission. Staff <br />is at the preliminary stage of its own due <br />diligence and clarification with the <br />developers. <br />To provide a brief summary of the two <br />proposals, the Holladay proposal, called <br />East Gateway, describes a 75,000 sft Class <br />A office building sited on the Rink parcel <br />facing the river. Office and retail space <br />would be introduced on the northeast <br />corner of Colfax and Sycamore, on the site <br />of the Commission-owned Fire Arts <br />building. The former Wharf site, which is <br />owned by the developer, would be <br />developed with amid-rise structure <br />featuring 30 luxury condominium units, a <br />70-room boutique hotel, and ground level <br />retail space. A key component of the <br />Holladay proposal is the City's <br />commitment of tax abatement as well as <br />public funding for the construction of a <br />400-space parking garage on the <br />Commerce Center garage site with <br />overhead skyway connection to the office <br />and hotel buildings, the cost of <br />underground parking below the hotel, a <br />26 <br />