2 Minutes 11-8-12 meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — November 8, 2012 6. NEW BUSINESS B. Receipt of Bids (1) Receipt of Bids for 514 Rush Street, 518 Rush Street, 611 E. South Street, 613 E. South Street, 618 Lincolnway East, 622 Lincolnway East, 626 Lincoluway East, 636 Lincolnway East, 701 E. South Street and 700 Blk South Street Vac. Lot in the South Bend Central Development Area. Mr. Inks noted that no bids were received for any of these Monroe Park residential properties. We will continue to work to dispose of these properties, but by law may not bring back any agreement regarding the sale or lease of these properties for thirty days. (2) Receipt of Bids for 24505 Cleveland Road in the Airport Economic Development Area. Mr. Inks noted that no bids were received for this 10 -acre tract in the Blackthorn area. We will continue to work to dispose of this property, but by law may not bring back any agreement regarding the sale or lease of the property for thirty days. (3) Receipt of Bids for 2018 -2020 S. Main Street, former EMI site in the Airport Economic Development Area. Mr. Inks noted that no bids were received for the former EMI site. We will continue to work to dispose of this property, but by law may not bring back any agreement regarding the sale or lease of the property for thirty days. C. South Bend Central Development Area (1) Agreement for License with 112 West Jeff, LLC for renovation at the southwest corner of Michigan and Jefferson. (Citizens' Bank & Trust Plaza) Mr. Kain noted that 112 West Jeff, LLC was planning on investing roughly $6M into the renovation of the historic building, including work on the inside and outside of the building. They have asked for assistance with work to the plaza. It is envisioned to be a public space that can be utilized for special events organized by Downtown South Bend Inc. or other organizations. The vision is that is really helps anchor that part of town, provides another venue for public events in the downtown area. The amount for the plaza work is estimated at $256,708. We have added a small contingency to that in case bids come in higher, so we request approval $295,214 from the South Bend Central Development Area TIF. Mr. Vamer asked whether improvements such as landscaping and foundation work increase the assessment. Mr. Inks responded that it is private property, so there is increased assessment.