6B(1) Administrative Settlement - Laserfiche WebLink

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From the East Bank perspective, this acquisition serves several benefits to that project area. First, it will clean-up a vacant building, bring in a VERY strong tenant into the village core along Jefferson and ultimately remove the small, non-consistent commercial building off of this site. As the city and the village members work to bring new tenants to the Jefferson corridor, ML&K will fill a space adjacent to Rubin Cleaners and we can use the two of those businesses to re-tenant the Howard Park Hardware Store and Soda Fountain Space and then build to the west to our recently purchased development site at the NE corner of Niles and Jefferson. Lastly, this acquisition will help provide some business stability for ML&K. The City has been flirting with the purchase of this property for 26 years and it has hampered the business growth because of the uncertainty of the city in buying the property and displacing this business. The move to the East Bank will allow ML&K to continue to serve the downtown business community as well as expand into the growing East Bank Village market. The relocation to E Jefferson will continue to provide the business with positive business exposure and will serve all parties, the business, the East Bank and the City well into the future. Staff requests Commission approval of this administrative settlement in a total amount of $340,000 to acquire the 306 W Monroe property and to relocate and resettle Michiana Lock & Key to the new property at 621 E Jefferson.