RM 09-01-72 - Laserfiche WebLink

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EW BUSINESS (Cont'd The owner of said land trust is A.G.A. Realty Company of South Bend, an Indiana partnership consisting of Herman F. Glaser and others. Disposition Parcel Nos. 4 -70 and 4 -72 are located on the North side of the 100 block of West Washington Street and adjacent to the J.M.S. Building. Mr. Schrager said if the Department of Redevelopment ap- proves the bid as submitted, A.G.A. Realty Company of South Bend, owner of the J.M.S. Building, plan to build a J. .S. Building Annex. The building will contain re- tail stores on the first floor and offices above. Negoti- atio s are taking place for leasing with prospective tenatits. The exact size of the building is yet to be determined. It will extend to the service drive. The secotid floor will cantilever, giving a natural canopy, if the Commission approves the plans. Their architects are presently working on the plans and will be submitted to the Commission. Mr. Schrager presented an architect's concept of the JMS Building Annex. Construction is plan ed to start in April, 1973, with completion proba- bly in January, 1974. (Mr. Schrager said: "If you people move a little faster, we will too. ") Mr. Schrager requested the 40 foot service drive be com- pleted this year, if possible, as it is causing a tre- mendous amount of inconvenience for patrons and citizens of the immediate area. Mr. Barbe opened the bid -- contents showing: The bid submitted on Parcel 4 -70, approximate size of 6,916.0 square feet, with a unit price of $11.64 per square foot total price of $80,502.24; Parcel 4 -72, approxi- mate size of 434.0 square feet, with a unit price of $6.70 per square foot, total price of $2,907.80 - -both parcels totalling $83,410.04. An Irrevocable Letter of Credit, in an aggregate amount of Eight Thousand Three Hundred Forty -One and 4/100 ($8,341.04) Dollars for the account of A.G.A. Realty Co. of South Bend was submitted by First Bank and Trust Company of South Bend, executed by Mr. H. R. Solbrig, Senior Vice President and Secretary. Accompanying the bid is a Redeveloper's Affidavit of Non - Coll ssion, signed by Mr. Stephen E. Kompar, Vice President and c rust Officer, and Redeveloper's Statement for Public Disosure, along with a Financial Statement. No fbrther bids were submitted. Moti n was made by Mr. Chenney that the bid submitted by Firs Bank & Trust Company of South Bend, as Trustee for Land Trust No. 29 -5121, be received and referred to Com- miss on Legal Counsel for review and recommendation. Said moti n was seconded by Mr. Wiggins and unanimously carried. - 5 -