12-12-13 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting — Thursday, December 12, 2013 6. NEW BUSINESS (CONT.) A. South Bend Central Development Area (7) continued... structure. In May 2013 the DCI received proposals from 4 developers with 3 being deemed responsive. The viable proposals were from the Barack Group (Israeli Investors) to develop into dorm style living for students, Real America (Carmel, Indiana -based affordable housing developer) for the construction of 63 apartment units, and Great Lakes Capital which proposed 59 apartment units. After a thorough review the DCI is recommending moving forward with the Great Lakes Capital proposal due to its experience in the renovation of Historic structures and the density they will offer to the downtown (approximately 95 residents) Great Lakes Capital is proposing the following: • 23 one bedroom units • 36 two bedroom units • Resident storage • Fitness center • Ground and Mezzanine level commercial spaces • Price points from $842 to $1,360 per month • Estimated investment of $10,848,126 Public Investment • $1.8 million TIF over next 2 years (2013 and 2014) • Support in filing for an 8 year tax abatement • It will develop bid specs for the public work • BPW will handle bid opening • It will serve as construction manager • Purchase price is $1 (see proposal for details) • City will retain ownership of 2 parking lots in rear for potential future garage and lease back It is anticipated that work will commence in early spring 2014. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved the Development Agreement by and between the South Bend Redevelopment Commission and Great Lakes Capital Development LLC. (LaSalle Hotel). (8) Purchase Agreement for lot at northwest corner of Hill and Colfax. Mr. Kain noted that this purchase agreement is between the Redevelopment Commission and Colfax Hill Partners, LLC for Commission owned property on the North West corner of