Laserfiche WebLink
South Bond Rcdc~clopment Commission <br />Rc~~ular Mcctinr~ -'~'o~cmbcr 7. ?O08 <br />6. NE~'1' BUSINESS (CONT.) <br />C. South Bcud Central Dc~•clopment Arcs <br />(7) cuutinucd... <br />the ctu-rent owner. John Coyne. <br />An otter has been rccci~~ed by John Frcidlinc. <br />the o~~~ner of the JMS building to purchase <br />the property for 5?OU,000. Mr. Frcidlinc <br />intends to invest in the rcde~~clopment of his <br />building ~~ith an adapti~c residential reuse <br />project. an<I requires parking to support this <br />de~~clopment. Staff requests appro~~al of the <br />otter and direction to ~~'ork ~~-ith legal counsel <br />to bring tor~~~ard a contract t~ir sale of land ut <br />the ~~o~~embcr?1 Commission mcctin~. <br />Vlr. Do~~~nes asked «~h~tt ~~~cxild happen if Nlr. <br />I`rcidline didn't develop his project. 11s. <br />Laurent responded that the bid spccitications <br />~acrc intentionally w~rittcn broadl~~ for <br />redc~~clopment and rein~cstment in the JMS <br />building. "I~hcy did not rcyuirc de~rlopma~t <br />to be a residcntial project. He is eery <br />anxious and has his plans in place. including <br />to make impro~cmcnts to the parking lot. <br />Since ~~~c arc selling the property: her ~n hat we <br />paid for it. ~~ c do not need to be as strin~~cnt <br />about deli~crables. In any case. the parking <br />lot is a ~~ood addition to that buildinr*. <br />Vlr. Frcidlinc has secured tinaucin~~ i~,r the <br />h~~~'.Icct. He intends to mo~c his ofticc <br />tenants around in the building in order to be <br />able to model a portion to residcntial condos <br />at this time. He is a little unsure ho~~ quickly <br />he will be able to con~crt the builclina to <br />residcntial condos, considering the current <br />huusin~~ market. Stattundcastands that and is <br />~~~illing to he patient. since ~~'c arc not <br />