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Department of <br />-� Community Investment <br />Memorandum <br />Monday, December 09, 2013 <br />TO: Redevelopment Commission <br />FROM: Chris Fielding <br />SUBJECT: LaSalle Hotel <br />The Historic Hotel LaSalle is an important part of our City's cultural heritage and one of South Bends few <br />remaining physical legacies. As the City has identified in its Central Area Development plan and the specific <br />RFP, the redevelopment of this historic structure will play a significant role in the on -going revitalization of <br />downtown South Bend. <br />In April 2013 the DCI, acting on behalf of the Redevelopment Commission, released a Request for Proposals <br />for the renovation of the structure. In May 2013 the DCI received proposals from 4 developers with 3 being <br />deemed responsive. The viable proposals were from the Barack Group (Israeli Investors) to develop into <br />dorm style living for students, Real America (Carmel, IN based affordable housing developer) for the <br />construction of 63 apartment units, and Great Lakes Capital who proposed 59 Apartment units. <br />After a thorough review the DCI is recommending moving forward with Great Lakes Capital due to their <br />experience in the renovation of Historic structures and the density they will offer to the downtown <br />(approximately 95 residents). <br />Great Lakes Capital is proposing the following; <br />• 23 one bedroom units <br />• 36 two bedroom units <br />• Resident storage <br />• Fitness center <br />• Ground and Mezzanine level commercial spaces. <br />• Price points from $842 to $1,360 per month <br />• Estimated investment of $10,848,126 <br />Public Investment <br />• $1.8 million TIF over next 2 years (2013 and 2014) <br />• Support in filing for an 8 year tax abatement <br />• They will develop bid specs for public work <br />• BPW will handle bid opening <br />• They will serve as construction manager <br />• Purchase price is $1 (see proposal for details) <br />• City will retain ownership of 2 parking lots in rear for potential future garage and lease back <br />It is anticipated that work will commence in early spring 2014 <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />