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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 4/2/2025 <br /> <br />FROM: Erin Michaels – Property Development Manager <br /> <br />SUBJECT: Disposition of Former Oaklawn Property <br /> <br /> <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 /> <br />PURPOSE OF REQUEST: Begin Disposition Process of Former Oaklawn Property <br /> <br />SPECIFICS: The Redevelopment Commission (RDC) acquired the former Oaklawn property located at 403 E <br />Madison St through a certain Real Estate Purchase Agreement executed on November 25, 2024. Staff believe this <br />property is a prime redevelopment opportunity for the East Bank area. <br /> <br />The attached three documents - Bid Specifications, Noticed of Intended Disposition, and Resolution establishing <br />offering price – are the beginning of the process for the property to be redeveloped and set the following <br />conditions for a bid on the Property: <br /> <br />- $1,494,000 minimum bid (average of two appraisals) <br />- All bids will be due by 9:00am on May 22, 2025 and opened publicly at the RDC meeting on May 22, <br />2025 <br />- During the review process, emphasis will be placed on compatibility with and support of the goals and <br />objectives of the surrounding businesses and neighborhood and the Development Plan for the River East <br />Development Area. <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION