6C(1) Staff report on Ivy Tech Acquisitions

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L C ►-) gOUTH BE Community & Economic Developmenta� ...1865 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner ` Subject: Ivy Tech Acquisitions Discount Rental, Enyart, Habitat, Sinco Date: November 02, 2010 On August 26, 2009, the Redevelopment Commission approved the addition of certain properties to the acquisition list of the Airport Economic Development Area (AEDA). Four of these properties were added in an attempt to help Ivy Tech expand their classroom, parking, and storage needs, in light of the large increases in enrollment being experienced at their campus. Additionally, on May 21, 2010, four more properties targeted for Ivy Tech's expansion needs were added to the AEDA's acquisition list. These four properties were added in the event agreement could not be reached with the original four property owners. Since these properties were added to the acquisition list, the Habitat Restore property was acquired and donated to Ivy Tech. During the past 15 months, ongoing discussions have taken place with the other property owners. After varying degrees of these discussions starting and stopping, we are to the point where we now have agreement with three property owners along East Sample Street — Discount Rental, Sinco Pools, and Enyart Electric Motor Repair. How these three properties are located in relation to Ivy Tech's main campus is shown on the attached map. The money for the acquisition and relocation of these properties is in the AEDA budget. As an example of the investment Ivy Tech has made in this immediate area, they have spent over $977,000 on the renovation of the ITOSS building (250 E. Sample), almost $222,000 on the ITOSS parking lot, and expect to spend up to $400,000 on the Restore property. Not included in any of these amounts is the investment they have made in furniture, fixtures, and equipment. It is safe to say we can expect a similar level of investment in these three properties, as Ivy Tech prepares them to fit their needs. The acquisition of the three properties before you today will go a long way to help alleviate the classroom and parking shortages Ivy Tech is experiencing, thereby allowing more students to attend and become an educated, productive member of the South Bend community. What We Do Today Makes A Difference!