Laserfiche WebLink
& A- (l) <br />SpVT$B <br />O� ,Pll�llb /�p ti <br />/z Department of <br />Community Investment <br />ieu <br />Memorandum <br />November 14, 2013 <br />TO: Redevelopment Commission <br />FROM: David Relos, Economic Resources QVI <br />SUBJECT: 228 Sycamore — Agreement for Sale of Land for Private Development and <br />Development Plan approval <br />This property was recently taken through the disposition process, with no bids being <br />received by the September 12, 2013 deadline. The lot is 53' x 99' and is currently a <br />paved parking lot. Average appraised value is $33,500. We have since received two <br />offers, one for $5,000 supporting no further development, and the one that follows. <br />East Bank South Bend Development, LLC (David Matthews), plans a $2.5 million, five <br />story mixed use building on lot 9 of the current East Bank Townhomes site (see <br />attached plat and east elevation). Mr. Matthews plans first floor commercial with the <br />upper four floors housing 12 apartments; each floor having a one, two, and three <br />bedroom unit. The Sycamore lot will provide parking for this new, larger development. <br />Mr. Matthews will improve the Sycamore parking lot per Exhibit B of the Agreement for <br />Sale. Details of the Agreement are: <br />$8,400 sales price <br />Improve lot per Exhibit B within a two year period <br />Items precedent to closing include: <br />Proof of financing <br />Commission approval of the site's Development Plan <br />Restrictions for use of property (per Development Plan) <br />Title revestment upon certain events <br />Staff requests Commission approval of this Agreement for Sale and the Development <br />Plan (Exhibit B) for this property, to support the new, larger development at the East <br />Bank Townhomes site. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />