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• r a n U yov <br />dE ,� 1,Iri mo <br />Community & Economic Development <br />IKS <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: Ann Kolata, Senior Redevelopment Specialist <br />David Relos, Economic Development Planner <br />Subject: Purchase Agreement with Hamilton Body Shop and Richard C. Hamilton <br />Date: May 24, 2012 <br />Attached is a Purchase Agreement to acquire Hamilton Body Shop properties at 802 S. Lafayette, <br />910 S. Lafayette and 917 S. Lafayette as identified on the attached map. The Redevelopment <br />Commission has been interested in purchasing these properties for approximately 20 — 25 years <br />because of their strategic location in the redevelopment of the former Studebaker Corridor and, now, <br />Ignition Park and the Renaissance District Project. The properties are owned by either Hamilton <br />Body Shop Inc. or Richard C. Hamilton. <br />There are three properties in the vicinity of the intersection of Lafayette and Sample. The main <br />property is the Body Shop on the west side of Lafayette at 917 W. Lafayette. The towing portion of <br />the business is at 910 S. Lafayette on the east side of the street. The third property is an auto storage <br />lot at 802 S. Lafayette, on the east side of the street just north of Sample. The property at 802 S. <br />Lafayette is needed for the power sub - station for the Renaissance District Project by August 1, 2012. <br />The properties at 910 and 917. S. Lafayette are located in the Ignition Park planning area and long- <br />term plans call for their acquisition and relocation. Mr. and Mrs. Hamilton are now interested in <br />selling all of these properties to the Redevelopment Commission. The Purchase Agreement outlines <br />the terms that have been negotiated over the past two months. <br />Purchase and Relocation of 802 and 910 S. Lafavette <br />Purchase price of $120,000 <br />Administrative Settlement of $140,000 <br />Moving Costs $25,000 <br />Re- establishment Costs $25,000 <br />Total of $310,000 — payable all at time of closing <br />Closing to take place by 6/30/12 <br />802 S. Lafayette to be vacated by 7/31/12 <br />910 S. Lafayette to be vacated by 3/31/13 <br />