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South Bend Redevelopment Commission <br />Regular Meeting -March 6, ?009 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area (Cont.) <br />(1) continued... <br />goes to Redevelopment, and any remaining <br />proceeds are split equally between <br />Redevelopment and Caney Press Real Estate. <br />Caney Press Real Estate has sent the attached <br />letter indicating a sale maybe imminent, and <br />would include the property at 348 Columbia, <br />along with 3 other properties. Total sale <br />proceeds, less the costs of the sale, would be <br />allocated to each property based on square <br />footage of building improvements. <br />Staff recommends favorable consideration by <br />the Redevelopment Commission for the sale <br />of 348 Columbia and the allocation of sale <br />proceeds as proposed. <br />Mr. Inks noted that under this scenario the <br />Redevelopment Commission would expect to <br />receive $400,000 or a little more. <br />Mr. Varner asked if the Commission should <br />set a minimum sales price. Mr. Inks <br />responded that the two options for the <br />Commission were to participate in the sale or <br />to assign the lease. When staff reviewed the <br />options. there didn't seem to be any value to <br />assigning the lease ($10/year) and the <br />conditions of the sale have already been set <br />forth. <br />Ms. Jones asked if the sales price is known. <br />Mr. Miller, Grubb & Ellis, responded that as <br />real estate agent they are still in the due <br />diligence phase. The sales price has been <br />established in a contract, but could still <br />16 <br />