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South Bend Redevelopment Commission <br />Regular Meeting —March 8, 2011 <br />Jennings addressed both items in one report. <br />Ms. Jennings noted that not long ago the <br />Commission approved repair of the flat roof <br />of the LaSalle Hotel. Now frozen pipeshave <br />caused the ball room to flood. Staff has <br />acquired two quotes to repair the new <br />damage to roof in the amounts of $1,000 and <br />$675. Staff selected Morris & Sons Roofing, <br />Inc. to do the repair to the roof at a cost of <br />$675. In addition to the roof repair the <br />flooding caused there was excessive damage <br />to the ball room floor carpet which was <br />consequently removed. CB Richard Ellis, our <br />property manager for the LaSalle Hotel, <br />removed the carpet at a cost of $1370. The <br />water was removed from the floor and has <br />dried out nicely. The baseboards do not <br />appear to have excessive damage. Staff <br />recommends acceptance of the quote from <br />Morris & Sons Roofing and authorization to <br />reimburse CB Richard Ellis for the cost of <br />removing the carpet.. <br />Mr. Varner questioned whether there was any <br />viable development project still under <br />consideration for the hotel. Mr. Gibney noted <br />that there are a steady flow of people looking <br />at it, but the numbers don't quite work. <br />There's been a new national allocation of <br />New Market Tax Credits which could be a <br />financial incentive. The interest is usually <br />for either apartments, affordable condos or <br />senior housing. People are very attracted to <br />the outside of the building, the location and <br />the view of the river. Mr. Varner questioned <br />what the financing gap was. Mr. Gibney <br />responded that it is about $2M as a taxable <br />property. Price isn't the issue: the city will <br />sell it for a nominal fee for a viable project. <br />Mr. Varner then inquired about the city's <br />willingness to construct a parking garage <br />E <br />