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South Bend Redevelopment Commission <br /> Special Meeting—January 18, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (5) continued... <br /> opportunities, the project opens up great <br /> opportunities for development in the <br /> Coveleski Park area. <br /> Mr. Inks noted in summary that the total <br /> outlay is $2.9 million to acquire the property. <br /> Part of that acquisition is a lease that will be <br /> in place with ACS and that lease will have <br /> been funded with $1 million in <br /> improvements to the property. The city is <br /> buying properties that had an average <br /> appraisal, or some agreed-to price of$1.9 <br /> million, plus a lease in place and the <br /> improvements which total the $2.9 million <br /> for the acquisition for all the property. There <br /> is another $432,000 cost which will improve <br /> the site ($70,000 in exterior improvements, <br /> painting, windows, parking lot, landscaping, <br /> etc.). The total to be paid out over time by <br /> the city then is $3,332,000. $1.7 million of <br /> that is going to be paid over the next three <br /> years (through 2015). The balance, <br /> $1,632,000, will be paid in 2012. <br /> Mr. Schalliol used a net number and the way <br /> he got to that is $3,332,000 in costs to do the <br /> project. In addition, rents of almost <br /> $280,000 from ACS on an annual basis <br /> (including the repayment of$1 million of <br /> improvements) and additional rents of <br /> $60,000 per year from the Gates Service <br /> Center which totals $340,000 per year over <br /> the five year period totaling $1.7 million in <br /> revenues received deducting it from the <br /> $3,332,000 which is $1,632,000 net cost <br /> that's out at the end of five years. These <br /> 13 <br />