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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 />d) Does the financing plan described above <br />mean that (a) each unit will be separately <br />constructed when its owner has secured <br />financing, or (b) no construction will <br />begin until all units have been sold and <br />their owners have secured financing? If <br />neither of the foregoing is correct, then <br />how will the financing and construction <br />work? <br />Written Answer: All of the units will be <br />constructed at the same time, along with <br />the commercial office space. <br />Construction will begin as soon as Eco- <br />Urbanhas completed architectural and <br />construction drawings for the site. Two of <br />the financial institutions with which Eco- <br />Urbanhas held discussions are interested <br />in offering a financing package that would <br />include mortgages for those owners who <br />meet their requirements. One has <br />expressed an interest in taking advantage <br />of a new type of mortgage, the Energy <br />Efficient Mortgage (EEM), which is being <br />supported by the federal government. <br />Bringing such a product to South Bend <br />will allow potential residential and <br />commercial buyers to obtain additional <br />leverage for their investments based on <br />projected energy savings of green <br />building. If conditions allow, Eco-Urban <br />would actually like to construct Phase I <br />and Phase II at the same time. <br />e) Would Eco-Urban Collaborative, LLC be <br />willing to provide the city a performance <br />and payment bond to assure that the <br />30 <br />