Laserfiche WebLink
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 />Mr. Schefineyer stated that he liked the idea <br />of this type of development on the East Bank. <br />As a member of the Howard Park/East Bank <br />group, our entire group supports this type of <br />a vision for the East Bank. But, I can't help <br />but sit back, wearing my developer's hat, and <br />say that some of the conditions, the issues <br />that are involved in this development such as <br />the relocation of the cell tower, rebuilding <br />the East Bank walkway, are very high dollar <br />amounts in comparison to the potential <br />development value and property. It almost <br />seems to me that in order to get past some of <br />these, you have to have a much higher <br />volume of development for it to happen. I <br />would love to see this development group <br />successful. I don't want to see them get into <br />the middle of something with their life <br />savings and their time and their effort and <br />these great ideas that they have and then have <br />the reality of development and financing <br />come crashing around their ears. I'd like to <br />invite them to consider some other sites in <br />the East Bank/Howard Park area that might <br />be more reasonable, given the size of the <br />development. <br />Mr. Peterson: I had one question as to your <br />financing. In your proposal, you have the <br />Commission giving you land worth <br />$300,000. Today, you also mentioned that <br />you were discussing numerous financing <br />options with various lenders. When you <br />were discussing those options with them, <br />were you contemplating allowing the lenders <br />to have a mortgage on the property to get that <br />45 <br />