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� C (I) <br />e <br />Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner W1r� <br />Subject: Res. No. 2958 — Real Estate Option Agreement for 3408 Ardmore Trail <br />Date: December 13, 2011 <br />This is the staff report for the Real Estate Option Agreement (Option Agreement) for 3408 <br />Ardmore Trail, the St. Vincent DePaul property at LaSalle Square. This property was added <br />to the Airport Economic Development Area Acquisition List by Resolution No. 2875 on July <br />12, 2011. <br />This particular property consists of 8 acres, with a one story 83,000 square foot retail <br />building. If the Commission exercised its option to acquire this property, it would allow its <br />consolidation with the abutting 8.7 acres owned by the Commission, making a larger, more <br />marketable property for redevelopment. <br />Resolution No. 2958 sets the acquisition value of the property at $732,500. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Specifics of the Option Agreement are: <br />• $180,000 initial option payment <br />• annual option renewal dates of December 15, 2012 - 2014 <br />• $138,125 annual option payment <br />• exercise option in 2015 with payment of $138,125 <br />• all option payments to be applied to the acquisition price <br />• if right of first refusal is not exercised, past payments are refunded. <br />Staff believes this Option Agreement will continue the forward momentum occurring in the <br />La Salle Square area, and requests your favorable consideration of Resolution No. 2958 <br />and the Real Estate Option Agreement, allowing the Commission flexibility to acquire this <br />property. <br />What We Do Today Makes A Difference! <br />