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South Bend 4edevelcpment commission Special Mee ing - August 18, 1988 Mr. Pitts responded that the maintenance costs wculd be relatively minimal for the first f' a years. The City hopes to sell the building before that time. There are roof repairs which need to be done immediately, costing approximately $2,000. Yearly maintenance is expected to cost approximately $2,000, and security monitoring would be an additional $1,100 per year. Mrs. Kol ita noted that the staff would be meeting 3oon with the City's insurance coordina or and a representative of the insuran company to determine what i.nsuran is necessary. Mr. Wolf asked if there were plans available from the previous renovations of the buili1ing. Mrs. Kolata responded that the owners had made all plans available to the Commission. Upon a motion by Mr. Piasecki, seconded by Mr. Dondho and unanimously carried, the Commission accepted the sixteen deeds tendered by the various property owners in relation to the Robertson real estate on Michigan Street. Upon a mot ion by Mr. Combs, seconded by Mr. Donoho an unanimously carried, the Commissio accepted the 260 shares, being all of the issued and outstanding shares of Bessina Realty Corporation, as a gift to the City and authorized the prompt dissolution of the Corporation. Mr. Nimtz thanked the various property owners the shareholders of the Bessina Realty oitporation for this donation. Ms. Der asked why the owners donated the building to the city. Mr. Farabaugh responded that the owners reside throughout the countr y and it has always been difficult to get agreement on leasing or use of the building. There are ongoing expenses as well as liability while it remains em otv. .•:�a • COMISSION ACCEPTED THE 260 SHARES OF STOCK DONATED BY BESSINA REALTY CORPORATION AND AUTHORIZED DISSOLUTION OF THE