Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Mrs. Kolata gave the following staff <br />report. On February 5, 1999, a bid was <br />submitted by Teachers Credit Union for <br />Part of Disposition Parcel C4 -42 in the <br />South Bend Central Development Area. <br />Purchase Price —The purchase price is in <br />the amount of $10 and other legal <br />consideration. The proposal states that <br />Teachers Credit Union will, as other legal <br />consideration, release the City of South <br />Bend from its contractual obligations <br />under a lease dated October 12, 1984, and <br />amended on November 17, 1986. This <br />would release the City from its obligation <br />under the Parking Lot Lease to construct a <br />109 -space parking garage for the benefit of <br />Teachers Credit Union. The bid <br />specifications sets the cost of this <br />obligation at not less than $1,000,000. <br />Recommendation: Acceptable The <br />minimum offering price set by the <br />Commission was $215,000, however, the <br />bid specifications stated that the <br />disposition of this property was subject to <br />the terms of the October 12, 1984, Lease <br />and its November 17, 1986, Amendment. <br />The appraisals indicated that the cost of <br />constructing the parking garage described <br />in the Lease and Addendum was <br />approximately $1,400,000 to $1,500,000. <br />The bid from Teachers Credit Union <br />estimates the cost of constructing the <br />garage is $1,800,000. <br />HAWPDATA \C0MMSN\021999.M1N -9- <br />