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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (1) continued... <br /> that kind of subsidy. It needs the cash return <br /> to be able to invest somewhere else. It's <br /> difficult to understand how we could buy <br /> something in January for $400,000 and sell it <br /> for $10. <br /> Mr. Matthews noted that at the East Bank <br /> Townhomes site he spent $200,000 preparing <br /> the site. He hauled in 1,500 truckloads of fill <br /> and a built a $100,000 wall. Instead he could <br /> have paid for the land, got a tax abatement <br /> and then had the Commission raise the site so <br /> it was buildable. That is the harder way to do <br /> it. Then, when the wall ended up getting a <br /> lot more expensive than he expected, it was <br /> his responsibility. <br /> Mr. Gibney added that it was very important <br /> that Mr. Matthews spoke to his cash <br /> investment in the Rink site. The city could <br /> have done a very convoluted Board of Public <br /> Works process where we might have sold <br /> Mr. Matthews the land at an appraised price <br /> and then the city would make all the <br /> improvements. The Rink site, no matter <br /> what it was appraised for, was sitting empty <br /> for ten years. It could be appraised at any <br /> dollar amount, but if nobody wants to buy it, <br /> it has no value. We purchased the Niles <br /> Avenue site in January as part of our <br /> negotiations with 1st Source Bank. That <br /> property has been on the market for five to <br /> six years while 1st Source Bank owned it and <br /> there was not one offer on that property. The <br /> city was pressured to buy that as part of its <br /> negotiations to keep 1st Source in the <br /> downtown. A third site, the Wharf site, one <br /> 25 <br />