HomeMy WebLinkAbout5A7 Real Estate Purchase Agreement (415 E. Madison St.) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 11.20.24
FROM: Joseph Molnar, Assistant Director of Growth
and Opportunity
SUBJECT: Acquisition of 415 E Madison
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the
authorization of the expenditure of such funds shall be void and of no effect.
PURPOSE OF REQUEST: Approval of real estate purchase agreement for the $300,000 purchase of 415 E Madison
SPECIFICS: The Department of Community Investment requests approval of the purchase of 415 E Madison
Street. On the property which borders the St. Joseph River is a three-story building that was originally erected for
industrial purposes in 1868 by the Singer Sowing Company but has since been converted to offices. The building
contains a total of 60,216 square feet of usable space. The total property is 3.39 acres along the St. Joseph River
in the East Bank Neighborhood.
Staff proposes the acquisition to allow for the redevelopment of a major portion of the St. Joseph Riverbank as
well as preserve one of the oldest commercial structures in St. Joseph County. Staff believe there is the potential
for higher and better use of the site than currently utilized. Upon closing, staff will begin work to issue a request
for proposals for redevelopment of the site.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-25-2024