HomeMy WebLinkAbout6C(1) Staff report on Ivy Tech AcquisitionsL C ►-)
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Community & Economic Developmenta�
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1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner `
Subject: Ivy Tech Acquisitions
Discount Rental, Enyart, Habitat, Sinco
Date: November 02, 2010
On August 26, 2009, the Redevelopment Commission approved the addition of certain
properties to the acquisition list of the Airport Economic Development Area (AEDA). Four of
these properties were added in an attempt to help Ivy Tech expand their classroom,
parking, and storage needs, in light of the large increases in enrollment being experienced
at their campus.
Additionally, on May 21, 2010, four more properties targeted for Ivy Tech's expansion
needs were added to the AEDA's acquisition list. These four properties were added in the
event agreement could not be reached with the original four property owners.
Since these properties were added to the acquisition list, the Habitat Restore property was
acquired and donated to Ivy Tech. During the past 15 months, ongoing discussions have
taken place with the other property owners. After varying degrees of these discussions
starting and stopping, we are to the point where we now have agreement with three
property owners along East Sample Street — Discount Rental, Sinco Pools, and Enyart
Electric Motor Repair. How these three properties are located in relation to Ivy Tech's main
campus is shown on the attached map. The money for the acquisition and relocation of
these properties is in the AEDA budget.
As an example of the investment Ivy Tech has made in this immediate area, they have
spent over $977,000 on the renovation of the ITOSS building (250 E. Sample), almost
$222,000 on the ITOSS parking lot, and expect to spend up to $400,000 on the Restore
property. Not included in any of these amounts is the investment they have made in
furniture, fixtures, and equipment. It is safe to say we can expect a similar level of
investment in these three properties, as Ivy Tech prepares them to fit their needs.
The acquisition of the three properties before you today will go a long way to help alleviate
the classroom and parking shortages Ivy Tech is experiencing, thereby allowing more
students to attend and become an educated, productive member of the South Bend
community.
What We Do Today Makes A Difference!
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