RM 11-16-79 - Laserfiche WebLink

Home Browse Search

South Bend Redevelopment Commission Regular Meeting - November 16, 1979 7. PROGRESS REPORTS a. Mr. Brademas continues... a 25 year otd group o4 buitdingz, the 100 Center in M.i�sh- aw ka., which contains atmort twice the amount o$ zpace o4 the Odd FeUows Buit -ding, that we have the technical abit ty and 4inanciae stAen9 h to e44ecti:vety catvey out taste6u.0 and 4ea6ibte teha.bittation. M attchdtects, engineetus, ptannetc�s and devetopeu, we have Hsu ee3-s4utty developed .some 2,000 muZt%- 4am-iP -y housing units at a eort in exce6z o4 X30 md.Uion as weU as the 900 Center Co ptex with a cost o4 approx-imatety $77,- m-i Q,?,ion. The atchi- tectuW, enq ineetLi.ng and devetopment flees 4otc the tcenovation o4 the Odd �e.P.2ows Bu-itding, which wo utd .6e in excess. o4 on - quainter m.%Uion dotcu, would be ,cnve-sted to the pno- je Aso that thetze can be no doubt that we wou.ed be making a ajotc equity .inve/stment in the devetopment. In addition, as the membeu o6 the Commi6z ion know, under the terms o4 an Economic Deveeopment Comm,i zion Bond TZ'sue, the pAine i pat o1c pk ncipa.Z6 involved in the devetopment must z.i n petvsona..P.2y on the .loan. It has been indicated that one o4 the nea3on�s 4or the staJ4 recommendation 4or the demob t-i n o4 the building was that it woutd enta it too much o4 th e sta44' -6 time in conjunction with the nenovati.on There .cis no basis in tAuth 4or .such a statement. In 6act, upon h acqu.i� ition o4 the propekty, thence would be no reason whctsoeveA 4o& the Redevetopment Comm &s.ion on the it zta.4�1 to be 4utrthen .involved with the project, except ass .i.ntenes- e �spectatou to see what a magni4ici.ent fob we wou.2d be ab e to do in the succe/ss4ut renovation o4 the buitd.ing. It has been Jutrther stated that another treason 4or recom me ding the demo.?ition of the buitding would be that it wot,td be neceszany to pouts additionat pubtie monies into the pnaj eet. Once again, that is no Jqundation in 4act 40 Such a statement. We do not tcequike that a pat king A ctutce on other Atructtvices paid 4o& with pubt i.c 6unds be given to u3 i az a condition on 4or ca,, y ing out a zucce�sd - b p6 ect. We do not need not do we request any pubPic 4und6 to be .in- J , ed into the tcenovat.ion. To the eontsiatcy, acceptance of ouA. propozat wiU Save the taxpayeu upwards of one-quaAtetc miftion do meatus which w U not have to be expended to demoti6h the building. ma