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�A-( Lf) <br />�uT <br />Department of <br />Community Investment <br />1 65 <br />Memorandum <br />Tuesday, November 12, 2013 <br />TO: Redevelopment Commission <br />FROM: Jitin Kain 4k. <br />SUBJECT: Option Agreement with St. Joseph County Public Library <br />The attached Option Agreement is between the Redevelopment Commission and the St. Joseph <br />County Public Library for Commission owned property in the South Bend Central Development Area <br />commonly known as the " Baers Lot ". The Baers Lot is a collection of 6 individual parcels that are <br />located between Michigan Street and Main Streets, adjacent to the St. Joseph County Library's Main <br />branch in Downtown South Bend. The lots are currently used as surface parking by the Library and <br />Downtown South Bend, Inc. (DTSB) for daily parkers. <br />The St. Joseph County Public Library wishes to enter into an option agreement with the Commission <br />for a term of 5 years to enable them to purchase the property for the purpose of an expansion of the <br />Main Branch. The Library expects to build a new facility at this location in about 5 -7 years. The <br />Library has also identified the need for drainage improvements to the Commission owned surface <br />parking lots which are expected to cost $52,534.00. <br />The Redevelopment Commission and St. Joseph Public Library have both initiated appraisals for the <br />property and the average of five appraisals is $163,200.00 which is set as the sale price. The Option <br />Agreement states that the Library will make the drainage improvements to the Commission lots at <br />their expense but this amount will be applied as a reduction to the sale price of the lots, should the <br />Library chose to exercise the Option in 5 years and purchase the lots from the Commission. The <br />Library has also agreed to maintain the DTSB parkers in the Commission lot for the duration of the <br />Option. <br />Staff requests approval of the attached Option Agreement with the St. Joseph County Public Library <br />for a term of 5 years. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />