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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />Mrs. Kolata stated that the resolution sets <br />the minimum re -use value of the lot at the <br />corner of Michigan and Washington <br />Streets. The lot is approximately 21,945 <br />sf. The lot is part of Parcel C4 -42 and it <br />consists of lots 25 and 26 of the City of <br />South Bend. <br />There are Bid Specifications which will be <br />included in the bid packet for anyone who <br />plans to submit a proposal for purchase of <br />the property. The minimum purchase <br />price is $215,000. The offering of the <br />property is subject to the rights of <br />Teachers Credit Union, as set forth in <br />some leases previously entered into <br />between Redevelopment and Teachers <br />Credit Union. The Lease obligates <br />Redevelopment to construct a 109 space <br />parking garage. This obligation has been <br />valued at not - less -than $1,000,000. The <br />offer of the land is also subject to <br />reservation of a public access and non- <br />buildable easement. The non - buildable <br />easement is located at the south end of the <br />property. The offer is also subject to an <br />easement for Teachers Credit Union for <br />access to its loading dock. Bids will be <br />due on February 5, 1999, at 10:00 am. <br />The legal notice will be published on <br />January 15 and 22, 1999. <br />HAW PDATATOMMSM010899.MIN -12- <br />