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~ C-~ ~,~~~. ~. • ~ ~ ~~~~~~~ d~.. ~~ / \ ~ r~i Community & Economic Development ~ ~~~x labs ,~,x.:- 1200 County-City Building, 227 west Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commissioners From: David Relos, Economic Development Planner Subject: Property Information for Resolution No. 2552 Date: July 10, 2009 On June 5t", 2009, the Commission approved Staff to begin the process to add three specific target areas to the acquisition list of the Airport Economic Development Area. This process includes, but is not limited to, the gathering of information on the parcels to be added, and an estimation of costs associated with the acquisition and redevelopment of these properties. The information which follows is a summary on Staff's findings on these parcels. Area 1 (Ivy Tech Campus Expansion Area) There are four properties which would be acquired and eventually transferred to Ivy Tech for much needed expansion of classrooms, storage, and parking. This plan dovetails nicely with Innovation /Ignition Park's needs for a specialized, educated workforce. It cleans up this section of Sample Street, which will become a gateway between the two Parks, and shows community support for Ivy Tech, which will allow Ivy Tech to get more down-state dollars for further expansion. This would be a joint effort between the Commission and Ivy Tech, with the Commission purchasing the properties and doing certain demo and fagade work, and Ivy Tech doing the interior work to turn these buildings into classrooms and / or storage areas. Estimated acquisition values for this area were done by Chris Davey, a licensed realtor with Cressy Everett, on Ivy Tech's behalf. The four properties are: Discount Rental at 230 E. Sample, is over 21,000 square feet, and would become the home of Ivy Tech's School of Fine Arts and Design. This move would free up space on the first and second floors of Ivy Tech's main building. Improvements requested on this building is to install a new fagade, consisting of brick on the lower part and composite on the upper part, and painting exterior doors, trim, eves and guttering. Habitat for Humanity, at 412 E. Sample, is about 8,400 square feet, and will house Ivy Tech's apprenticeship programs, which are currently housed in two different locations. This site also provides much needed parking for the expansion of classrooms along What We Do Today Makes A Difference!