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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 />Written Answer: One financial institution <br />indicated to us that it would require 100% <br />of the commercial and at least 50% of the <br />town homes to be financed before <br />financing will be granted. The three other <br />financial firms have indicated that these <br />percentages will depend upon the ultimate <br />financial package required and what kind <br />of participation the city chooses to offer. <br />For example, if we get the land at low or <br />now cost, that would reduce the <br />percentage they would expect to see up <br />front. Also, we have commitments for <br />100% of the commercial and 25% of the <br />townhouse development. We're pretty <br />confident we wouldn't have too much <br />trouble getting the additional 25% <br />commitment. <br />Mr. King asked about the level of <br />commitment from financial institutions. <br />In Eco-Urban's proposal there were a <br />couple of letters from financial institutions <br />that were kind of a "nice-to-meet you, <br />good luck with your project" letters. Mr. <br />King asked if there have been subsequent <br />conversations that have yielded more <br />specific indications of willingness by the <br />financial institutions to provide the <br />financing needed? <br />Mr. Keen responded that they have had <br />those additional conversations and <br />received assurances, as well as with <br />interested parties who might be willing to <br />invest in the project. <br />29 <br />