Laserfiche WebLink
South Ben Redevelopment Commission <br />Regular M eting —July 12, 2012 <br />6. NEW PUSINESS (CONT.) <br />A. South Bend Central Development Area <br />continued... <br />Upon a motion by Mr. Alford, seconded by <br />Mr. Davis and unanimously carried, the <br />Commission approved Resolution No. 3057 <br />appointing one Redevelopment <br />Commissioner, Mr. Greg Downes, to the <br />Riverfront License Application Review <br />Committee. <br />(31 Addendum to Commercial Purchase <br />Agreement (LaSalle Hotel). <br />Mr. Relos noted that on June 14, 2011, the <br />Commission approved a Commercial <br />Purchase Agreement (Agreement) with <br />Mavcon Properties, LLC, from Kalamazoo, <br />Michigan. This Agreement gave Mavcon <br />two 180 -day inspection periods to determine <br />the feasibility of rehabilitating the LaSalle <br />Hotel into approximately 60 market rate <br />apartments. <br />Mavcon, at its own expense, has studied the <br />architectural, engineering, and environmental <br />condition of the hotel, as well as a financing <br />package that may include New Market and <br />Historic Tax Credits. <br />Mavcon has spent much time and effort <br />getting construction estimates and pulling <br />together a financing package. At the <br />Commission's last meeting on June 28, an <br />update was given that a 30 -day extension was <br />needed for Mavcon to present its findings. <br />This Agreement grants a 30 -day extension to <br />July 31, 2012. During the remainder of this <br />month, Mavcon's findings will be analyzed <br />16 <br />Y: <br />COMMISSION APPROVED RESOLUTION No. 3057 <br />APPOINTING ONE REDEVELOPMENT <br />COMMISSIONER, MR. GREG DOWNES, TO THE <br />RIVERFRONT LICENSE APPLICATION REVIEW <br />COMMITTEE. <br />