RM 11-16-79 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Me ting - November 16, 1979 7. PROGREtS REPORTS a. Mr� Jerry Miller continues... we ve demonstrated in our analysis that if you fail to at rain the full occupancy or if you fail to attain the full rental projections that they use, you're coming too close to a breakeven point I think for the financier to be comfortable. Mr Nimtz: Kevin, do you want to answer the question as to whether a developer could buy the building, hold on to it for a period of time and then demolish it and sell th land? Mr Butler: They could not do that if our contract laid it to a specific proposal, they would have to accomplish that proposal. Now ultimately, somewhere down the line, a deci- si n could be made with respect to the demolition but that would have to be economically after the money has been sp nt to accomplish the renovation, that would have to be ma y years down the road. Mr Nimtz: I'm sure that many of you would like to speak on this matter, however, let me say that I have had two me tings with the Mayor -elect yesterday, and one this mo ning,.and,in light of that I received a letter from the ho orable Roger Parent, Mayor -elect City of South Bend, wh ch I'll interject into the meeting at this point: De Mn. Nimtz: I te/s pee t4utt y tequest the Redevetopment Co m-izz ioneu to postpone theik decision conceAning the de otition o4 the Odd Fe22ows Bui eding. I am quite con- e ned about the Redevetopment sta44',s neeommendation's that "the Odd Fettowz Buitding must be demoU6hed as soon as roo zibte ". My position negaxd.ing the JutuAe o4 the Odd Fettows Buitd- in has been eeeaA and consistent. 14 the Odd FeUows BuUding stands in the way o4 the initiation and suece�ss- eomptetion o4 the pkoposed Centutcy Matt, then it ,s h u2d be demoti s hed. The decision to demo.e ins h the buizd- inj zhoutd xest on at tea3t two basic 4acatox6: (1) that th e .us a cteoti need to demos h the bui' ding, and (2 ) th,zt thence is a ctean attenhat ive Jots the zite, which .in udez a 4eas.ibte de4.in.Lave 4inancia- plan with a nea- s o tabty cetr to in 4unding s ounce. I can 4.ind no sta44 neeommendations oh statements by po enti.a2 devetopens which have indicated that both the Odd FeUows Buied.ing nenovati.on and the eovustfcucti,on o4 CentuAy MaU could not proceed together within a common -24-