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South Bend Redevelopment Commission <br />Regular Meeting –October 15, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />D. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />shovel-ready site for new development. The <br />downside is that the site would be a narrow <br />parcel, half a block wide, and because of <br />adjacent uses the reuse would most likely be <br />industrial or heavy commercial. At this <br />point, new development on the parcel is <br />uncertain in the near term. <br /> <br />Option 2: Site Rehabilitation/Site Reuse <br />A site assessment of the building was <br />completed by Wightman Petrie who <br />determined that the structure and foundation <br />of the building was solid, but there were <br />environmental concerns, as well as basic <br />building issues that would need to be <br />addressed before the site could be reused for <br />an industrial use. The building size, <br />especially with the high bay section, appears <br />to be marketable for reuse, but because of the <br />condition of the building and site, much work <br />would need to be done to make the site <br />development ready. Wightman Petrie <br />estimated it would cost approximately <br />$459,800 to clean and rehab the structure and <br />make associated site improvements to the <br />property. The Commission was supplied <br />with a copy of the budget estimate for <br />cleanup. The upside for reuse is that reuse <br />costs would be less than new construction. <br />The downside is that the building dimensions <br />are fixed and some costs for cleanup and <br />rehab might become lost costs for a period of <br />time while the property is on the market. <br /> <br />Recommendation <br />Staff recommends a hybrid approach to the <br /> 16 <br /> <br />