6B(1) Administrative Settlement - Laserfiche WebLink

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originally marketed for lease, but the opportunity for both ML&K and the property owner to make this sale happen has allowed this property to be assembled in total. The purchase price for the total site at 621 E Jefferson is a private party-to-private party transaction and is generally outside of price control by the Redevelopment Commission. A search of sale records for the site, and in conversations with the property sales agent, indicate that the total purchase of the site, which occurred during the last 10 years, makes the site offering price comparable to the price paid by the current owner to assemble the site. From a comparison standpoint, the move from Monroe to Jefferson will be about an equal move in building and land SF. The key for this site, as it relates to a relocation site for ML&K is that the building is not much large in usable square footage than their current site but much better suited for business operations as it is all on one floor. Also, the need to acquire the second parcel is a must to have parking for the site as on-street parking is limited and with the total site purchase, ML&K will actually have less property than at its current site. In conclusion, the proposed relocation target site at 621 E Jefferson will be a comparable size and SF to the current ML&K property, and based on the acquisition requirements of the Jefferson parcel, and the low value of the current ML&K property appraised price in comparison to other parcels purchased in the adjacent area, the property acquisition component of the administrative settlement is realistic in value. The proposed acquisition price for the parcel at 306 W Monroe is $65,000 with a counter-offer/acquisition settlement value of $135,000 for a total site purchase amount of $200,000. (2) Resettlement Costs In working with the property of ML&K and his contractors and project team, a comprehensive list of relocation and resettlement costs has been prepared. The costs requested are all eligible expenses under the Federal HUD guidelines for relocation assistance. The items total $140,000 and include the following: - costs for interior build-out, facade and roof repair, and building code compliance - professional services costs like environmental studies, surveys and related expenses - demolition of the existing smaller building and parking lot repair to bring to code - business relocation related expenses - moving costs - utility reconnection services The costs projected for each of these categories is WELL researched by the owner of ML&K and his team and will cover the expenses incurred. Again, each of these items is an eligible expense under the relocation guidelines. The total amount of resettlement costs associated with this project is $140,000. Concluding Remarks on this Project The future demolition of the Michiana Lock & Key structure and clean-up of the site will provide many benefits to the Coveleski Park project. It is anticipated that the site will be into the parking and site access plan for the Cove site. By creating parking and access through this site, we have the opportunity to provide additional parking near the new center field entrance to park as well as provide some off-game parking to adjacent property users.