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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 />result; but, more importantly, the building <br />has fallen into disrepair. Michigan Street <br />LLC purchased this building from the Alan <br />Schrager estate in early 2006 with the <br />intention of fully restoring it as a cornerstone <br />piece of a larger, mixed use residential <br />condominium development. In their <br />presentation in June Mr. Wargo and Mr. <br />Toothaker outlined their plan in its early <br />stages to the Commission and requested the <br />city's partnership in certain public aspects of <br />the project. The Commission had many <br />years previously determined the structure's <br />importance to the fabric of downtownthat it <br />could be saved only with private investment <br />and with true foresight that its economic <br />viability rests on the potential to use the <br />parcel to the north, fronting Michigan Street, <br />to allow the construction of needed access to <br />the upper floors. The Senor Kelly property <br />was purchased by the Commission with this <br />development of the All American Bank <br />Building in mind, and, has previously, <br />publicly offered the bid with bid <br />specifications referencing this development <br />goal as a requirement for the disposition of <br />the property. For the record, the bid <br />specifications were issued at a Regular <br />Meeting of the Commission on October 1, <br />1999 and a fair reuse value was set at <br />$183,000. Updated appraisals were obtained <br />in June 2006 for the same property, finding <br />that the valuation of the property had <br />increased to $199,000. <br />5 <br />