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Mr. Joseph T. Serge <br />Page Two <br />December 3, 1979 <br />Corporation would be interested in purchasing both of those lots and <br />incorporating them in with their overall development on that corner. <br />Unfortunately, no one bid the first time that we advertised. The <br />second time that we advertised, the Town Tower Corporation came in <br />and bid on Parcel 'A' only. This left the City of South Bend with <br />Parcel 'B' after having advertised for public sale twice. Per the <br />Ordinance by which we sell City -owned property, if we have received <br />no bids after two advertisements, the City of South Bend is then <br />free to negotiate for the sale of any property. The only request <br />for the purchase of that property has come from Mr. Conboy. (The <br />Town Tower organization is aware that they could submit a negotiated <br />bid as well, but apparently have chosen not to do so.) As a part of <br />the Town Tower development, Parcel 'B' would be indeed a valuable <br />piece of property for which $5.50 per square foot would be justified. <br />As a separate parcel, not associated with the Town Tower development, <br />Parcel 'B' has very limited uses. I say this because of the follow- <br />ing: <br />1. There is no direct access to or from Parcel <br />'B' onto either Michigan, Main, Marion or <br />the Connector. <br />2. Any and all access to and from Parcel 'B' would <br />have to be through some form of a common access <br />agreement developed with an adjacent property <br />owner. <br />3. Parcel 'B' is of such a shape and size that the <br />development of some form of a new building for <br />commercial or business purposes would not be <br />feasible. <br />The only apparent use for Parcel 'B', if not by the Town Tower Corpora- <br />tion, would be for surface parking. It is for this purpose that Mr. <br />Conboy has offered to purchase the lot. His offering price is $12,850. <br />I would like to note that his total investment after making the necessary <br />improvements for the parking lot, would probably approximate $20,000. I <br />do not believe that this property at this time merits an investment of <br />more than $20,000 in light of the above. It is for this reason that we <br />have favorably recommended this to the Common Council for their considera- <br />tion. If you have any additional questions, please contact me at your <br />earliest convenience. <br />Attachment <br />r� <br />truly yours <br />i-" atrick McMahon, P.E. <br />Director <br />