02-27-12 Community & Economic Development Committee

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COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE FEBRUARY 27, 2012 Committee Members Present: Henry Davis, Karen White, Gavin Ferlic Citizen Members: Zachary Raymond. Pat Crowley Other Council Present: Tim Scott, Valerie Schey, David Varner, Oliver Davis Others Present: Don Inks, Mayor Pete Buttigieg, Mike Schmuhl, Sherri Miller - Story; Kathleen Cekanski- Farrand; Kevin Allen Agenda: Bill No. 8 1 -11 Chase Tower Bill No. 8 1 -11 — Appropriation for Garage Interest in the Chase Tower Chairperson Henry Davis, Jr., began his committees hearing with three of four Committee Member's present as well as both newly appointed citizen members Pat Crowley and Zachary Raymond. Chairperson Henry Davis acknowledged receipt of a request from the Mayor that this bill be withdrawn. Nonetheless, Henry proceeded to recount some personal involvement aimed at committing over 5 million dollars of public money combined with close to 14 million dollars pledged by a private investor to acquire and restore the Chase Tower Bldg. in downtown South Bend. Henry dates his efforts to make this happen to last September. He said while the building is currently 74% occupied it is in dire need of rehabilitation citing serious problems with both the elevators and parking garage. He noted while the receiver of the property had originally set the value of the building at 6.5 million dollars, a judge has se the value at 8.5 million, given the fact that he saw an investor ready, willing, and able to acquire the building if the city would commit 5 million toward repairs, why was he rejected. This is the question he asked the Mayor.