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South Bend Redevelopment Commission <br />Regular Meeting -December 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />() continued... <br />receive is a fair market value equivalent. <br />What has been offered by the developer is a <br />minimal sum of money for the Se~tor Kelly <br />lot, but the dominant portion for the <br />consideration is the facade easement. A <br />facade easement in an historic structure is a <br />fairly commonly accepted practice in the real <br />estate market. A facade easement is a real <br />interest in property. As such, it maybe <br />deemed to be consideration that is sufficient <br />for the transaction if the Commission <br />determines that it is by entering the <br />appropriate findings. <br />Mr. King noted that the staff has <br />recommended the Commission accept the <br />facade easement in lieu of cash. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission found that the facade easement <br />is adequate consideration to support <br />disposition of the property known as the <br />former Sedfor Kelly lotto the Developer, as <br />proposed. <br />(2) Commission approval requested for <br />construction budget for facade renovation <br />for 101 N. Michigan St. <br />Ms. Laurent noted that in June Mr. Lamie <br />presented an estimate of $600,000 as the <br />construction budget. The Commission <br />requested that he come before the <br />Commission for further approval if the <br />budget was expected to exceed $600,000. <br />COMMISSION FOUND THAT THE VALUE OF THE <br />FACADE EASEMENT IS ADEQUATE <br />CONSIDERATION TO SUPPORT DISPOSITION OF <br />THE PROPERTY KNOWN AS THE FORMER SE-FOR <br />KELLY LOT TO THE DEVELOPER, AS PROPOSED. <br />12 <br />