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�a�soUT�B <br />Department of <br />Yf,F Community Investment <br />1� <br />Memorandum <br />Monday, December 9, 2013 <br />TO: Redevelopment Commission <br />FROM: Jitin Kain IV-' <br />SUBJECT: Hill & Colfax Lot Purchase Agreement <br />Attached to this memorandum is a purchase agreement between the Redevelopment Commission <br />and Colfax Hill Partners, LLC for Commission owned property on the NW corner of Hill St. & Colfax <br />Ave. <br />As Commissioners are aware, this property has been vacant for over 10 years and is a prime location <br />for a mixed use project as envisioned in the East Bank Village Master Plan. Earlier this year, staff <br />issued a Call for Offers with the Bradley Company, the listing agents for this property. Three <br />developers responded with their proposals and staff selected the proposal by Colfax Hill Partners, <br />LLC as it best matched the criteria established in the Call for Offers. <br />The attached purchase agreement formalizes the transfer of the property to the developers who <br />have agreed to build a mixed use project on the site with approximately 4,700 sq.ft of commercial <br />space and 13 market rate apartment units. The complete terms are found within the purchase <br />agreement. Some of the highlights are as follows: <br />1. Developers will pay the Commission $20,000 for the property and build an approximately <br />22,000 sq.ft mixed use building within 36 months. The projected cost of this building is $2.9 <br />Million. <br />2. Developers will further seek a 5 year tax abatement for the project. <br />3. The Commission will agree to the following: <br />a. Address site drainage, parking lot paving, striping, sidewalks and landscaping <br />b. Work with Burkhart advertising to remove a billboard on site <br />c. Address on- street parking and other streetscape elements <br />Staff requests approval of the attached Purchase Agreement with Colfax Hill Partners, LLC and <br />appropriation of $110,000 from the South Bend Central Development Area TIF (SBCDA) for site work <br />associated with this project. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV <br />