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South Bend redevelopment Commission <br />Regular Meeting - May 10, 1991 <br />k. <br />Mrs Kolata explained that the <br />Red velcpment Commission leases two <br />panmls of land in Monroe Park from the <br />Redevelopment Authority. The land was <br />purclkised by the Authority with proceeds <br />frai the lease purchase bond. Therefore, <br />the Authority must hold title to the land <br />for the life of the bond. We want to put <br />that land up for re -use through <br />lease-purchase. One tract of land is on <br />the west side of Fellows Street just <br />north of South Street and is <br />approximately 21,780 square feet. The <br />othex parcel is almost an entire block <br />boLuided by Fellows, South, Old Monroe and <br />Rush Streets and is approximately 98,906 <br />saLu e feet. <br />We would like to put the property up for <br />bid for residential re -use. The lease <br />pun.hase value for the smaller property <br />would be $1,302 per year for 21 years. <br />The lease purchase value for the larger <br />property would be $5,879 per year for 21 <br />years. The bid packet would include the <br />pos ibility of the successful bidder <br />pur ing the property in less than 21 <br />years if the bond with which the land was <br />pur4hased was paid off in less than 21 <br />Mrs Kolata noted that there are several <br />developers interested in these parcels. <br />The bid specifications set the size <br />specifications, but leave the Commission <br />the flexibility to judge the proposals <br />basod on the quality, and size of the <br />pro ect as well as the developer's <br />abi ity to get the project done. <br />Mr. Donoho asked how the lease purchase <br />arrangement would affect the developer's <br />ability to get financing for the <br />project. Mrs. Kolata responded that she <br />-23- <br />