6.D1 Resolution No. 2644 - Laserfiche WebLink

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~ ~ ~~ • • ~pUTfi ~eF et ~I/moo ~~ ~ %~L dJ ~ ~O' Community & Economic Development ~~ `~ ~,~ _~= 1865 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: Res. No. 2644 -Acquisition Counter-Offer for 412 E. Sample St. Date: January 15, 2010 This is the staff report for the acquisition of 412 E. Sample Street, the Habitat for Humanity Restore. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2596 on August 26, 2009. It was added in an effort to help Ivy Tech expand classroom, storage, and parking needs in light of their large increases in enrollment. On October 02, 2009, the Commission approved Resolution No. 2605, which set the offering price for this property at $272,000, which is the average value as determined by two independent appraisals. This property has an 8,500 square foot building on approximately 1.32 acres of land. This building will be used by Ivy Tech to consolidate their apprenticeship programs, which are currently housed in two different locations. The relocation of the apprenticeship programs into this building then allows classrooms to be expanded into the space they currently occupy. In addition, the western half of this lot will provide much needed parking for the expansion of classrooms in the ITOSS building. After forming a search committee, Habitat's Board analyzed many different locations. They came to the conclusion that the old Kroger's store and adjacent parking lot to the north, at the southwest corner of Main & Ewing, best fits their needs and mission. Habitat has counter offered $345,000. This price allows for the acquisition of these properties. In addition, relocation costs of $342,223 are requested, which includes $57,333 for moving and re-establishment expenses, and $284,890 for the rehabilitation of the building and parking lot (new roof, HVAC, general build out, parking lot overlay). The building was built in 1970, and is in need of these repairs for the safe operation of Habitat's Restore. Staff feels Habitat moving to this highly visible corner will help stabilize this area, and be a positive influence on the surrounding neighborhoods. In addition, it will greatly help Ivy Tech, which makes this a win win situation for everyone. Staff requests approval of Resolution No. 2644, to allow for the acquisition of this property and the relocation costs associated with it. What We Do Today Makes A Difference!