Laserfiche WebLink
Redevelopment Commission Meeting <br />Regular Meeting — August 20, 2004 <br />(1) Staff report on disposition of property in <br />the Sample -Ewing Development Area (Lot <br />#7, Oliver Industrial Park). <br />Mr. Laurent noted that the Commission has <br />received the first non -bid proposal for <br />development of a site in the Oliver Industrial <br />Park. The proposal is from L & S <br />Investments, LLC for Lot #7. Lot #7 is a <br />4.2 -acre site. The proposed purchase price is <br />$96,600 which matches the Commission's <br />asking price. L & S Investments will <br />develop an industrial facility for three <br />businesses, two of which are located in <br />Michiana; the other business is located in <br />California. The Michiana businesses are Kay <br />Equipment and Supply, Inc. located on Hill <br />Street, which is a regional supplier of laundry <br />and cleaning supplies and Kay Industries, an <br />international company in Plymouth dealing <br />in phase converters. Thermo Steam Systems <br />Inc. is the California business with a national <br />market in boilers. All companies have a <br />common ownership. <br />Mr. Laurent noted that the proposed facility <br />is 35,000- 40,000 sft. 5,000 sft of that will be <br />for office use, the remaining for industrial. <br />Construction costs for the project are <br />estimated at $1,800,000, equipment costs are <br />estimated at $300,000 and additional capital <br />at $350,0004400,000, for a total private <br />investment of approximately $2,500,000. <br />In the proposal the development is made <br />contingent on the sale of the Hill Street <br />property. It is the City's desire to remove <br />industrial uses from the Northeast <br />Neighborhood Development Area. Ms. <br />Hughes and Mr. Laurent have been working <br />with Mr. Katz to facilitate acquisition of his <br />Hill Street property by the City. The project <br />11 <br />