HomeMy WebLinkAbout5B1 Memo to RC Real Estate Option Agreement_Heading for Home LLCSOUTH g�
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Investment
Redevelopment Commission Agenda Item
DATE: September 29 2016
FROM: Brian Pawlowski, Interim Executive Director
SUBJECT: Real Estate Option Agreement (Heading for Home LLC)
This Real Estate Option Agreement (Agreement) is for the former Michiana Lock & Key
and Studebaker Museum properties, located in the 500 block of S. Lafayette & Main
streets. Both sites are vacant land.
The Agreement gives Heading for Home LLC an option to purchase these sites through
March 31, 2018. Two one year extensions may be granted, with a year one extension
payment of $5,000 and a year two extension of $10,000. If exercised, the option price
would be $1 and include a written explanation and, as applicable, a graphical depiction
for the planned use.
Staff requests approval of this Agreement.
INTERNAL USE ONLY: Project Code:
Total Amount new /change (inc /dec) in budget: ; broken down by:
Acct # various
Going to BPW for Contracting? Is this item ready to encumber now?
Existing PO# Inc /Dec $
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV