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RM 01-15-93
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RM 01-15-93
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South Bend Redevelopment Commission <br />Regular Meeting - January 15, 1993 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />$15,000 for the lot. The Commission set <br />the Fair Reuse Value for the 8.9 acre lot for <br />a pre -paid 20 year lease /purchase at <br />$45,000. No bids were received at that <br />price by December 4, 1992. <br />Mr. Riggs noted that the 8.9 acre site <br />contains a large drainage basin and is not <br />presently accessible from public right -of- <br />way. Because of these unique site <br />characteristics, Gainey states that there are <br />only two usable acres. Their proposal of <br />$15,000 for these two usable acres is a <br />higher per -acre price than what they paid for <br />their existing property in 1991. <br />Mr. Riggs noted that Gainey Realty <br />proposes to construct a first class, 11,000 sft <br />general office building to be built on their <br />currently owned property, Lot 20a of the <br />Toll Road Industrial Park. Gainey's annual <br />growth rate has been 30% to 40% in recent <br />years. Assuming this continued growth <br />pattern, Gainey expects to expand to lot 18b <br />south in the next four to five years. Until <br />then, Gainey proposes to clean up and <br />maintain the retention basin. They have <br />submitted all required information, including <br />a performance guarantee in the amount of <br />$2,500. They expect to begin construction of <br />the office building on March 1, 1993 and <br />complete construction by August 31, 1993. <br />As a condition of Commission approval of <br />this proposal, Lot 18b south will be replatted <br />as part of presently owned Lot 20a. The <br />remaining north portion of Lot 18b, which is <br />-7- <br />
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