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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 24, 2025 <br /> <br />7 <br /> <br /> <br />The motion carried; the Commission approved Resolution No. 3638 as <br />presented on April 24, 2025. <br /> <br />B. River East Development Area <br /> <br />1. Disposition Process Overview <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented an overview of the disposition process under Indiana Code <br />36-7-14. He detailed steps 1-8 and explained all common terms. <br /> <br />2. Bid Specifications for Disposition of Property (403 E Madison) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented agenda items 5.B. 2-4 together. In November, 2024, the <br />purchase agreement for the property at 403 E. Madison, approximately <br />3.39 acres, was finalized. The building has three floors above ground <br />totaling 60,000 square feet, and a partial basement of about 10,000 <br />square feet. The East Bank Learning Center, a childcare center for <br />children aged six months to about five years, is an active tenant with a <br />lease. The minimum bid for the property is $1,494,000, based on the <br />average of two appraisals. Bids are due by May 22nd at 9:00 AM, with a <br />meeting at 9:30 AM to open the bids for the Redevelopment <br />Commission. Bid specifications emphasize compatibility with the <br />surrounding neighborhood and the River East development plan, as <br />the property is in the River East TIF. Approval is needed today by the <br />Redevelopment Commission for the bid specification, notice of <br />intended disposition of property, and Resolution No. 3635 for the <br />property's disposition. Secretary Wax asked how much we paid for the <br />building and whether we have made any improvements. Mr. Molnar <br />stated that we paid $300,000 and have not made any improvements. <br /> <br />Commissioner Ellison asked about the lease for the childcare facility <br />and Mr. Molnar confirmed that the childcare center has a lease for <br />three or four years, with an annual opt-out clause. If either party wishes <br />to terminate the lease, they must provide 12 months' notice to the other <br />party. Currently, RDC staff recommends to the Commission not to end <br />the lease. <br /> <br />Matt Barrett asked if there are any plans to market the property beyond <br />the City's website and newspaper. Caleb Bauer stated that we always <br />follow the Indiana Code process, and if there are no inquiries from the <br />initial process, they can then explore further marketing options. <br />Historically, the Commission has followed the disposition process first. <br />Once that concludes, the Commission may issue an RFP. RFP is more