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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 11.20.24 <br />FROM: Joseph Molnar, Assistant Director of Growth <br />and Opportunity <br />SUBJECT: Acquisition of 415 E Madison <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Approval of real estate purchase agreement for the $300,000 purchase of 415 E Madison <br />SPECIFICS: The Department of Community Investment requests approval of the purchase of 415 E Madison <br />Street. On the property which borders the St. Joseph River is a three-story building that was originally erected for <br />industrial purposes in 1868 by the Singer Sowing Company but has since been converted to offices. The building <br />contains a total of 60,216 square feet of usable space. The total property is 3.39 acres along the St. Joseph River <br />in the East Bank Neighborhood. <br />Staff proposes the acquisition to allow for the redevelopment of a major portion of the St. Joseph Riverbank as <br />well as preserve one of the oldest commercial structures in St. Joseph County. Staff believe there is the potential <br />for higher and better use of the site than currently utilized. Upon closing, staff will begin work to issue a request <br />for proposals for redevelopment of the site. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />11-25-2024 <br />