Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -January 3, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />continue ... <br />development of retail storefronts along this <br />block of Michigan Street in the downtown <br />core. In particular, the Commission has <br />identified the desirability of destination retail <br />that attracts new demographic sectors to shop <br />downtown by providing unique experiences <br />or services that can't be replicated elsewhere. <br />The proposal seems to meet these criteria <br />well. The proposal does not meet the <br />Commission's offering price, set as the <br />average o f two MAI appraisals at <br />$480,000.00. However, the proposal <br />addresses the discrepancy and asks the <br />Commission to consider the exceptional <br />investment that will be made in the building <br />in weighing whether acceptance of its offer <br />of $100,000 can be justified. The proposal <br />also requests certain additional assistance <br />from the Commission that will require <br />additional discussion with the developer and <br />coordination with other agencies. <br />Staff requests the Commission's <br />authorization to continue discussions with <br />Mark Tarner, President of South Bend <br />Chocolate Company, with the understanding <br />that, since the offering price was not met, no <br />contract may be executed before 30 days <br />from the bid opening date has expired. We <br />believe this will prove to be an excellent <br />project oflong-term benefit to the downtown, <br />and look forward to welcoming our first live- <br />action M&M to Michigan Street. <br />Ms. Greene noted that since there were no <br />conforming bids for the Oscos site, the staff <br />12 <br />