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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 />financing? I would imagine that they would <br />either want a mortgage on the property or <br />some equity placed as collateral. We <br />typically do not allow our developers to place <br />a mortgage on the property until the <br />development is complete so it could easily <br />revert back to the Commission should the <br />developer not be able to complete it. <br />Mr. Bergeman: There are no strings <br />attached. To pickup on that comment, in <br />terms of the partnership, one of the things we <br />could enter into with the city is that the City <br />of South Bend could be a partner in this <br />because they bring the land to the deal. And <br />then they would benefit from some of the <br />profit. That's one way we could structure a <br />win-win situation that would allow the <br />project to go ahead. We have discussed that <br />with our financial institutions and they're <br />perfectly acceptable to those types of <br />agreements. That's just one example that <br />we've come across, trying to respond to the <br />RFP of how we could make this awin-win <br />situation. <br />Mr. Keen: I appreciate Mr. Schefineyer's <br />comments, although I think we could <br />probably pay due diligence to our own <br />financial situation. I would like to ask Mr. <br />Schefineyer if he has any potential future <br />fiduciary interest in this property or any <br />relationship with anyone else who does, that <br />his comments might reflect? <br />46 <br />