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South Bend Redevelopment Commission <br />Regular Meeting — Thursday, December 12, 2013 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(8) continued... <br />Hill St. and Colfax Ave. This property has been vacant for over 10 years and is a prime <br />location for a mixed use project as envisioned in the East Bank Village Master Plan. <br />Earlier this year, staff issued a Call for Offers with the Bradley Company, the listing agents <br />for this property. Three developers responded with their proposals and staff selected the <br />proposal by Colfax Hill Partners, LLC as it best matched the criteria established in the Call <br />for Offers. <br />The purchase agreement formalizes the transfer of the property to the developers who have <br />agreed to build a mixed use project on the site with approximately 4,700 sq. ft. of <br />commercial space and 13 market rate apartment units. The complete terms are found within <br />the purchase agreement. Some of the highlights are as follows: <br />1. Developers will pay the Commission $20,000 for the property and build an <br />approximately 22,000 sq. ft. mixed use building within 36 months. The <br />projected cost of this building is $2.9 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 <br />landscaping <br />b. Work with Burkhart advertising to remove a billboard on the site <br />c. Address on- street parking and other streetscape elements <br />Staff requests approval of the Purchase Agreement with Colfax Hill Partners, LLC and the <br />appropriation of $110,000 from the South Bend Central Development Area TIF (SBCDA) <br />for site work associated with this project. <br />Ms. Audra Sieradzki of Colfax Hill Partners, LLC noted that this agreement is the result of <br />many months of planning for the new apartments that are being built. They will be more of a <br />minimalist contemporary style that one would normally see in city condos. They won't be <br />lofts, but will have a loft -type of feel to them, such as higher ceilings, stainless steel <br />amenities, open floor plans — to really attract that young professional demographic. The <br />developers plan to break ground in April and have the project complete by the end of 2014. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br />Commission approved the Purchase Agreement for lot at northwest corner of Hill and <br />Colfax. <br />V1 <br />