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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 /> (2) Commercial Purchase Agreement with <br /> Mavcon Properties of Kalamazoo, <br /> Michigan (LaSalle Hotel). <br /> Mr. Relos noted that staff has over the years <br /> worked with many interested parties, from <br /> various parts of the country, for the <br /> rehabilitation of the Hotel La Salle (Hotel). <br /> The Hotel has sat empty for approximately <br /> 10 years, and has been maintained by the <br /> Commission in the hopes that one day the <br /> right group would step forward, that has both <br /> the ability and capacity to return the Hotel to <br /> a productive use and asset to the downtown. <br /> We feel that developer has emerged. <br /> Mavcon Properties, of Kalamazoo, Michigan, <br /> would like to enter into a Purchase <br /> Agreement with the Commission to acquire <br /> the Hotel. Mavcon has experience in <br /> redeveloping urban properties, with its latest <br /> project being the Metropolitan Center in <br /> downtown Kalamazoo, an $11.3 million <br /> historic rehab of four connected commercial <br /> buildings that were constructed in the late <br /> 1800's. <br /> Prior to closing this transaction, much due <br /> diligence must be completed. Mavcon, at its <br /> own expense, will hire architectural, <br /> engineering, and environmental consultants <br /> to study and plan for the eventual <br /> rehabilitation of the Hotel into 45 — 65 <br /> market rate apartments, with commercial <br /> space likely on the 1st and 2nd floors. In <br /> addition, and again at their own expense, <br /> they will put together a funding package that <br /> will include both Historic and New Market <br /> Tax Credits. <br /> 27 <br />