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6 A- (�) UTN o • n d u m 6U bp� O� qli l:r / o a i Community & Economic Development 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Matthew Sikora, Economic Development Planner 5 Subject: Monroe Park Neighborhood — purchase offers Date: November 22, 2011 This memo is an update and request to proceed regarding the proposed sale of five Redevelopment -owned properties in the Monroe Park Neighborhood (a list of the properties is attached for reference). On June 28, 2011 the Redevelopment approved bid specs, fair - market valuation, and advertising of legal notices to begin the disposition process for each of the five properties. At the July 26, 2011 Redevelopment Commission meeting, staff reported that no bids had been received on any of the properties and that they would thus be able to be sold at a negotiated price less than the Minimum Offering Price. On September 27, 2011 the Redevelopment Commission approved a contract with Bruce Gordon to list and market four of the five properties. We have received additional offers on two properties: 628 Rush Street — We've received a cash offer of $5000. This offer, like previous offers, is on the low side, though staff did confirm that the property will require an additional $7000 of repair (mostly plumbing and windows). The prospective buyer intends to make this home his permanent residence. He is a former police officer and currently serves in the US military. In cases where he is overseas for short deployments, his family (fiance and two boys) will remain in the home. Staff recommends accepting the offer and requests permission to proceed with a Contract for Sale and associated documents necessary for the sale of this property. 609 Columbia Street — We've received one offer for $5000, once again from adjoining property owner Gil Michele (who is purchasing two other homes for $5000 and $10,000 respectively). This home currently has a tenant and is not in need of major repair, and given Mr. Michele's forthcoming investments in the neighborhood staff would like to engage him more about this third property. As such, we ask permission to reject the offer and counter with $10,000 to continue the conversation. What We Do Today Makes A Difference!