HomeMy WebLinkAbout5A2 Real Estate Purchase Agreement (KCG)
Redevelopment Commission Agenda Item
DATE: 7/6/23
FROM: Joseph Molnar
SUBJECT: Real Estate Purchase Agreement 1202 S. Lafayette
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Purchase Agreement for 1202 S. Lafayette.
Specifics: This Real Estate Purchase Agreement is for 1202 S. Lafayette, located at the southeast
corner of Lafayette and Stull. KCG Development is applying for low-income housing tax credits
with plans to construct a new building on the site for income-based 55 years and older, multi-
family housing. The current plan is for 50 housing units total.
The sale of property will only proceed if the developer is awarded the low-income housing tax
credits. Awarding of the low-income housing tax credits will happen this November. The
Agreement includes a purchase price of $1,000 and a minimum investment on behalf of the
developer of $13 million and completion within 30 months of the construction commencement
date.
Staff requests approval of this Agreement.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION