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Community & Economic Development
1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021
To: Redevelopment Commission
From: Matthew Sikora, Economic Development Planner 5
Subject: Monroe Park Neighborhood — purchase offers
Date: November 22, 2011
This memo is an update and request to proceed regarding the proposed sale of five
Redevelopment -owned properties in the Monroe Park Neighborhood (a list of the properties
is attached for reference).
On June 28, 2011 the Redevelopment approved bid specs, fair - market valuation, and
advertising of legal notices to begin the disposition process for each of the five properties.
At the July 26, 2011 Redevelopment Commission meeting, staff reported that no bids had
been received on any of the properties and that they would thus be able to be sold at a
negotiated price less than the Minimum Offering Price. On September 27, 2011 the
Redevelopment Commission approved a contract with Bruce Gordon to list and market four
of the five properties. We have received additional offers on two properties:
628 Rush Street — We've received a cash offer of $5000. This offer, like previous offers, is
on the low side, though staff did confirm that the property will require an additional $7000 of
repair (mostly plumbing and windows). The prospective buyer intends to make this home
his permanent residence. He is a former police officer and currently serves in the US
military. In cases where he is overseas for short deployments, his family (fiance and two
boys) will remain in the home. Staff recommends accepting the offer and requests
permission to proceed with a Contract for Sale and associated documents necessary for the
sale of this property.
609 Columbia Street — We've received one offer for $5000, once again from adjoining
property owner Gil Michele (who is purchasing two other homes for $5000 and $10,000
respectively). This home currently has a tenant and is not in need of major repair, and
given Mr. Michele's forthcoming investments in the neighborhood staff would like to engage
him more about this third property. As such, we ask permission to reject the offer and
counter with $10,000 to continue the conversation.
What We Do Today Makes A Difference!
Property
Size
Minimum Offering
Price
proposed Use
609 Columbia Street
1,144 ft2 (S)
$15,500
018- 3026- 093901
Lot: 58'x 46'
Residential projects that
are permitted within the
"SF1" and "SF2"
628 Rush Street
1,344 ft2 (S)
$17,500
Residential District
018 - 3031 -1183
Lot: 41' x 51'
zoning designation.
310 E. South Street
1,446 ft2 (S)
$25,000
Strong emphasis will be
018 - 3026 -0936
Lot: 42' x 116'
placed during the review
process on compatibility
with the goals and
objectives of the Monroe
602 Carroll Street
1,823 ft2 (D)
$27,000
Park Neighborhood and
018- 3026 -0934
Lot: 54' x 100'
the South Bend Central
Development planning
area, with an added
preference for single -
620 Columbia Street
1,174 ft2 (D)
$17,000
family structures.
018 - 3026 -0962
Lot: 40' x 153'
(S) = Single- family unit (D) = Duplex