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South Bend Redevelopment Commission <br />Regular Meeting -March 28, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) continued... <br />property in the amount of $1,500,000. Staff <br />believes the counter offer is fair considering <br />its location near the Coveleski Stadium and <br />opportunities that would exist to improve the <br />stadium with this land. When Coveleski was <br />first designed, the dealership was considered <br />an important part of downtown and <br />acquisition of it for connectivity between the <br />Cove and downtown was, therefore, not <br />considered. Now that Gates Toyota has <br />moved to the south side and Gates Chevrolet <br />will move into the Gates Toyota facilities, <br />this is prime land for improvements to the <br />ballpark. The original offer of $940,862 <br />amounts to $6.51 per square foot for the <br />3.318 acres. The counter offer of $1,500,000 <br />amounts to $10.3 8 per square foot for the <br />3.318 acres. A value of $10/sft is a <br />reasonable value for land and compares to <br />the $10.50/sft value paid for the adjacent <br />synagogue property. A final consideration is <br />the detrimental effect the large, vacant <br />dinosaur building would have on the <br />downtown. There has been a positive <br />momentum shift in the downtown in recent <br />years. A building and site of this magnitude <br />becoming vacant could be a major blighting <br />influence and the vacant site could drive a <br />further wedge between the ballpark and the <br />downtown. There are a lot of improvements <br />planned for this south side of town and <br />control of this building/site is critical. <br />Mr. Schalliol noted that the Contract for Sale <br />is the standard form of agreement used by the <br />Commission. A couple of points worth <br />19 <br />