Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting –December 17, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. South Bend Central Development Area <br /> <br />(1) continued… <br /> <br />Seifer could not find a suitable new location, <br />so the property was not acquired at that time. <br />Since then, the name of the company has <br />changed to Michiana Lock & Key. They <br />have found a location at 621 East Jefferson <br />Blvd. in the East Bank which they feel meets <br />their needs. Resolution No. 2804 sets the <br />acquisition offering price at $65,000, the <br />average of two independent appraisals. <br /> <br />Staff has discussed the relocation with the <br />owner. An Administrative Settlement, <br />including the purchase price, relocation <br />expenses, service costs for re-establishment <br />of the business and other eligible expenses is <br />recommended in the amount of $300,000. <br />This relocation will add a very strong <br />business to the East Bank. <br /> <br />Mr. Relos also noted that demolition of the <br />structure at 306 w. Monroe will provide short <br />and long term benefits to the Coveleski Park <br />project. In the immediate future, the site <br />would be used as a stockpile location related <br />to the field replacement project at the Cove. <br />In the long term, the site could either be <br />reconfigured for a commercial development <br />or be incorporated into the parking and site <br />access plan for the ballpark. <br /> <br />Commissioners requested a breakdown of the <br />costs involved in the Administrative <br />Settlement. Mr. Relos provided a cost <br />breakdown. He noted that the cost of <br />acquiring the Jefferson Blvd. property and re- <br />establishing a business there is estimated to <br /> 6 <br /> <br />