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<br />South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : April 3, 2026 <br /> <br />FROM: Erin Michaels – Property Development <br />Manager <br /> <br />SUBJECT: Real Estate Purchase Agreement for Sale of <br />1522-1526 Prairie Ave <br /> <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, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of proposed Purchase Agreement for Sale of 1522-1526 Prairie Ave <br /> <br />SPECIFICS: The City acquired a vacant industrial building and excess vacant lots located at 1522-1526 <br />Prairie Ave between 2011-2014 through the Board of Public Works. These parcels were then transferred <br />to the Redevelopment Commission (“RDC”) in 2015 and put through disposition in 2018 with no bids <br />received. <br /> <br />Since that time the building has been used as temporary storage for various City uses. <br /> <br />GTO Masonry is a masonry restoration contractor who is looking to relocate their business from Goshen <br />to South Bend. The owner, Eusebio Cervantes, would like to redevelop this building and adjacent vacant <br />parcels to relocate their shop and storage facility for their masonry business. <br /> <br />The proposed Purchase Agreement commits GTO Masonry to the following terms: <br /> <br />- Purchase Price: $15,000 <br />- Minimum Investment: $120,000 <br />- Construction Start Deadline: 12 months after Closing <br />- Construction Completion Deadline: 24 months after Closing <br />- Certificate of Completion issued by the RDC once construction is complete <br /> <br />The sale of this property will bring a currently underused building in need of repair to productive use, <br />while supporting a successful business in relocating to the City of South Bend. <br /> <br />Staff recommends approval. <br /> <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION