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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 />profitably if it must factor in the land cost. <br />One of the reasons Eco-Urban is <br />interested in working with the City of <br />South Bend to complete this project <br />successfully is to help contribute to the <br />continuing revitalization of downtown <br />South Bend. In particular, Eco-Urban <br />hopes to contribute to a remigration of <br />urban residents that will lead to the <br />establishment of a vibrant downtown and <br />the kind of square foot sales and rental <br />rates that could support continued mixed- <br />use development without city assistance. <br />Mr. Hojnacki noted there is a big <br />difference between "full cost" and "no <br />cost." He asked if there was room for <br />compromise. <br />Mr. Keen responded that there is room for <br />compromise. <br />Mr. Hojnacki asked if Eco-Urban knows <br />what the maximum is they would be <br />willing to pay for the land. <br />Mr. Keen responded that there are a <br />number of possibilities. Eco-Urban's <br />financial projections show they would <br />need to sell at $308,000 per unit without <br />adding in land cost. They could see <br />paying for the land and raising the price of <br />the units if the city would make additional <br />improvements such as building a parking <br />garage. Eco-Urban could pay $300,000 <br />for the land, but they would have to ask <br />for something else from the city to make <br />that work financially. They would like to <br />9 <br />