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(~ A ~ l~ UTy • ~ y~ c~0 I @E~ Community & Economic Development r fir.>,= ~sss 1200 County-City Building, 227 WesT Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner ~~~ Subject: Resolutions 2804, Acquisition of 306 W. Monroe Street Date: December 12, 2010 In 1985, the City of South Bend began an ambitious acquisition process to acquire both vacant and occupied land in the block area bounded by South, Taylor, Western and Lafayette. The land was assembled for the development of the Stanley Coveleski Regional Baseball Stadium. One of the properties that was placed on the acquisition list was 306 W. Monroe Street which was the business operations center for Seifer Safe and Lock. Now, 25 years later, the City, in great cooperation and coordination with the current owners (son of the former owner) of Michiana Lock & Key, have finally found an agreeable location to relocate the business and have finally been able to come to terms to complete the acquisition. Resolution 2804 sets the average acquisition value of the site at $65,000.00. This value was determined by the average of two appraisals. An administrative settlement, including purchase price, relocation, service costs for re-establishment of the business, and other eligible expenses bring the complete transaction to a total value of $300,000.00. Based on the factors associated with the relocation challenges of this business, the 25 years of city staff and owner effort spent on this process, and other factors, staff is very supportive of this settlement value. The business will relocate to the former Solid Waste Management building in the East Bank located at 621 East Jefferson Boulevard (immediately to the west of Rubin's Cleaners). The relocation to this site will cause a renovation of a currently vacant building and will add a very strong business entity into the East Bank Village area. The future demolition of the Michiana Lock & Key structure will allow for some short and long term benefits to the Coveleski Park project. In the very immediate future, the site would be used as a stock pile location related to the field replacement project at the Cove. In the long term, the site could either be reconfigured for a commercial development site or will be incorporated into the parking and site access plan for the Cove site. Staff requests Commission approval of Resolutions 2408 to approve the acquisition and relocation of Michiana Lock & Key to a new location at 621 East Jefferson Boulevard. This acquisition is A LONG TIME in the making and will be a benefit to all parties involved. What We Do Today Makes A Difference!