6B(1) Resolution No. 2592 - Laserfiche WebLink

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~.r ~l~ dpi ~T~i • • ~ F ~ /~~ti0~ ~ ~ ~ F ~ ~~ of Community & Economic Development "~r=~~~_ R'~~ 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. 2592 -Acquisition Offer Hansel Center Res. 2593 -Counter Offer Hansel Center Date: July 24, 2009 This is the staff report for the acquisition of the Hansel Center, located at 1045 West Washington St. This property was added to the West Washington-Chapin Development Area Acquisition List by Resolution 2587 on July 14, 2009. Upon acquisition of this historic building, in conjunction with the University of Notre Dame's Institute for Latino Studies, certain rehabilitation work will begin on the exterior and interior of the building. The City has made a commitment of up to $500,000, which includes purchase and exterior building rehab. The University has made a commitment of up to $800,000, which includes interior rehab of the building. Both interior and exterior work will run concurrently. Once this work is completed, the building and grounds will be transferred to the University. This transfer will ensure that this West Side landmark will once again be used for public uses as the Notre Dame Center for Art and Culture. Resolution 2592 sets the acquisition value of the property at $51,500. The acquisition value is the average value as determined by two independent, MAI appraisals. Resolution 2593 is the counter offer resolution. The counter offer of $83,415.64 is to finalize the amount owed by South Bend Heritage Foundation on its loan ($70,000) and prior back taxes ($13,415.64). The acquisition will be for "cost only" and no other values. Staff feels this is a reasonable counter offer, based on the fact that neither appraiser gave value to the main structure or carriage house located on this property. The purchase of the building and grounds is contingent on a mutually agreeable contract between the Commission and University of Notre Dame (or its representative, eg, Institute for Latino Studies), whereby the details of how and when the building and grounds would be transferred to Notre Dame, and what work is expected to be done by both parties, is signed. What We Do Today Makes A Difference!