6.A.(3) Staff report Rink Riverside disposition

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~c~~ • • SOUTH 6 ~~b' ,vli ~~~,;~,Ftia 'iu`~~\~ ,. o Community & Economic Development `~'~``~'~~ ~r r' ; -~ a 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: Staff Report & Presentation -Rink Site Development Plan Date: February 19, 2010 Today for your consideration is a development plan for the Rink site, which is situated at the corner of East Colfax and Sycamore Streets. It is a 0.83 acre site, which was cleared in 2005, and put through the disposition process in 2006. From that disposition process, two developers proposed very different development plans, neither of which progressed beyond the planning stages. In 2008, another development plan was proposed, and it too did not progress. In December David Matthews approached the department with development plans for the site. Similar to the 2008 site plan, this development would include 10 townhouse style condominiums. As you will see in the upcoming presentation, eight of these units will face the river, and two will face south on the northern property line. Expected starting prices will be in the $170,000 range, with minimum sizes of 1,700 square feet. Units will be 2 story, all brick, with 9 foot ceilings and 2 car attached garages. The contract for sale is currently being drafted, but will include Commission approval for the final site plan and development specifications, acompletion date of 36 months, use restrictions, etc. The selling price of the parcel is $10,000, with the developer agreeing not to seek tax abatements for the project (5 year tax savings on 10 units approximated at a minimum of $82,000). Though the selling price is less than earlier selling prices, all past development plans relied on the selling price, if not more, to be put back into the development of the site. Under this plan, the developer is asking for only modest Commission participation, such as cleaning up the west bank of the river and possible participation in the cost of a retaining wall along the west and south edges of the development. Attached are the preliminary site plans for the development. Mr. Matthews will provide a more detailed presentation of his development plans at the Commission's meeting. Staff requests approval of these preliminary site plans, and to proceed with the contract for sale and final site plans and design specifications. What We Do Today Makes A Difference!