2 Minutes 4/24/14 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting—April 24, 2014 6. NEW BUSINESS (CONT.) B. South Bend Central Development Area (3) continued... In an effort to solicit a broad range of potential redevelopment opportunities for the former College Football Hall of Fame, Community Investment staff in collaboration with Newmark, Grubb Cressy&Everett, which is listing agent for the building, issued a Call for Offers for the reuse of the building in June 2013. Staff received four proposals submitted by interested parties by July 31,2013. Although none of the proposals were fully responsive, the Culinary Center Coalition proposal was developed to a point that merited further discussion and captured staff's imagination. Over the past few months, staff has continued conversation with the Culinary Center Coalition regarding their proposal and is interested in further determining the feasibility of the concept. The other proposals were considered unresponsive and notified of such findings. In March 2014, staff received an additional offer to purchase the building,but the offer was determined to be unresponsive. The Culinary Center Coalition proposal calls for the conversion of the former College Football Hall of Fame building into the Ivy Tech Culinary Arts&Food Education(CAFE) Center. The coalition foresees an enlarged Ivy Tech culinary arts program in the building with highly visible aquaculture and hydroponic components. At its full potential,the concept could create a center of interdisciplinary food and sustainability research,training and public education in the heart of downtown South Bend. Staff believes the project could have a great impact on the hospitality industry at both the regional and local levels. Ivy Tech's concept would help seed culinary entrepreneurship,while also maintaining a vibrant atmosphere around this important downtown anchor. In order for Ivy Tech to fully explore the feasibility of the project, it needs to have a public claim on the Hall of Fame for a certain period of time. The memorandum of understanding outlines the terms of such an agreement. The memorandum of understanding is an Exclusivity Agreement/Right of First Refusal Agreement between the Redevelopment Commission and Ivy Tech is structured as a two- phased agreement: 1.Exclusivity Period: April 24- October 24, 2014, the Redevelopment Commission will not accept any offers for the sale or lease of the building; and, Ivy Tech will have the exclusive right to propose a project for the reuse of the Hall. 2.Right of First Refusal/Extension Term: October 24-December 24, 2014: The Redevelopment Commission could receive offers and would be obligated to notify Ivy Tech 8