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South Bend Special Me, 2. NEW BU a. Co'. elopment Commission - December 31, 1986 (Cont.) construction and is in poor condition. ThE rest is concrete and very solid. Mr. Hunt noted that the options being considered are: (1) to turn it down, (2) to accept it and hold it, waiting for this private sector to respond with a pr posal to renovate, (3) to accept it an6 demolish the older section, waiting fo the private sector to respond with a pr posal to renovate the remainder, (4) accept it and demolish the entire building, preparing the land for resale. All of the options have public cost and in olve some risk, but would begin the fi st real effort toward revitalizing th Studebaker Corridor. Mr. Nimtz noted that the urgency of the decision is tied to the tax deadline of thEi end of the year and the benefits of making this gift under current tax laws rather than the new ones. He stated that the Chair's recommendation is to accept the offer. Mr. Maginot asked if thE property had been appraised. Mrs. Ko ata explained that that would be the fi st step upon acceptance of the property. Mr. Maginot asked if there was any tax liability. Mrs. Kolata answered "no ". The property would, however, be taken off of the tax rolls. Current taxes are approximately $9,500 per year. Ms. Derbeck asked if the building is vacant at present. Mr. Po ius explained that it is being used mi imally for warehouse and storage pu.tposes. Most of the building is Upon a motion by Mr. Piasecki, seconded by Mr. Combs and unanimously carried, th Commission accepted donation of the Tr nswestern building and the associated vacant land. b. Conmission approval requested for a co tract with Nicholas C. Jannotta & Associates, Ltd. to update the Housinc_ Market Analysis for the East Bank. -2- COMMISSION ACCEPTED DONATION OF BUILDING IN THE STUDEBAKER CORRIDOR