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i <br /> ; <br /> 1 <br /> ; <br /> South Bend Redevelopment Commission <br /> Regular Meeting—September 25, 2014 <br /> g <br /> j 6. NEW BUSINESS (CONT.) <br /> i <br /> i A. South Bend Central Development Area <br /> (1) continued... <br />) <br /> 1 <br /> 1 <br /> by the residents. For Commission approval today are: the development agreement; the <br /> 3 <br /> f disbursement agreement; a 20-year option for the City to purchase the parking lot if it is <br /> g, deemed necessary in the future; and the construction management agreement. He is <br /> expecting to close by end of September and plans to be under construction in 4-6 weeks. <br /> Appears to be significant demand. <br />, <br /> i Mr. Re los interjected there is also a Memorandum of Option Agreement which allows City <br />; to record the Memorandum so that our option shows up on the title work as a protection to <br /> 3 <br /> 1 the Commission. This will also need to be signed. <br /> 3 <br /> i <br /> i <br /> Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously approved, the <br /> 1 Development Agreement along with the Construction Management Agreement; Option <br />; Agreement; and Memorandum of Option Agreement for the Hoffman Hotel Project were <br /> 4 approved. <br />; <br /> i (3) Disbursement Agreement with Equal Construction LLC (Hoffman Hotel) <br /> i Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously approved, the <br />, <br /> 3 Disbursement Agreement for the Hoffman Hotel Project was approved. <br /> 4 <br />., (4) Staff Report <br /> i <br /> f Mr. Fielding reported staff has been in discussion with an investment group led by Cressy <br /> Iand Everett which is looking seriously at the purchase of the One Michiana Square Building <br />; <br /> in downtown. The 100,000 sf building is currently at 65% occupancy and some of the <br /> i remaining tenants are extremely tentative. The investors would likely put in about $2M to <br /> $3M in needed repairs. To be most successful, the building needs more parking. The <br /> ICommission owns the parking lot adjacent to the bankruptcy court on the corner of Western <br /> 1 and Main Streets which is not currently used. Staff requests permission to enter into <br /> 1 <br /> negotiations for a possible option to purchase the lot. The lot was up for disposition about 2 <br /> years ago. We would expect Cressy would purchase a 10-year option for $1,000. The <br /> 3 <br /> i investor would spend about $40,000 to $50,000 to landscape and pave the lot. If they <br /> 1 <br />, execute their option, they would pay an additional $24,000. <br /> 1 <br />, <br /> i <br />;I Upon motion by Dr. Varner, seconded by Mr. Downes, and unanimously approved, the <br /> f Commission gave staff permission to begin working on documents on a purchase option for <br />, <br />: <br /> 1 the property at corner of Western and Main to bring to the Commission for future <br /> consideration. <br /> 3 <br /> 3 <br /> 4 <br />, <br /> 1 <br /> 5 <br /> 3 <br /> 1 <br />: <br /> 3 <br /> 1 <br />