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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -March 10, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />() continued... <br />i. e., street, sidewalks, and river walk, will <br />need to be made whatever the ultimate <br />use. <br />b} It appears from the description of <br />financing in your proposal that all the <br />private investment will consist ofdown- <br />paymentsand debt service paid by <br />eventual owners of the townhouses, office <br />building, and condominiums. Is this <br />correct? <br />Written Answer: No. <br />Ms. Jones asked, "What is correct?" <br />Mr. Keen responded that in addition to <br />that kind of support, Eco-Urban partners <br />are prepared to put in some of their own <br />private investment. <br />Mr. Bergeman added that there are other <br />third parties who are very interested in <br />investing if that should be necessary. A <br />case in point: If we decided we'd like to <br />do Phase I and Phase II at the same time, <br />we'd probably seek a third party so we <br />could do the whole project atone time. <br />Mr. King asked where in the proposal it <br />says Eco-Urban Collaborative would put <br />in any private investment? <br />Mr. Keen responded that it is not in the <br />proposal, but Eco-Urban is prepared to put <br />in up to $250,000 of private investment. <br />Mr. Bergeman indicated that they have <br />talked to several financial institutions. It <br />is amazing the various approaches they'd <br />18 <br />