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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 2/10/2025 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br /> <br />SUBJECT: Purchase Agreement – State Theatre <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of real estate purchase agreement for the $800,000 purchase of the State <br />Theatre located at 212 & 216 S Michigan St <br /> <br />SPECIFICS: The Department of Community Investment requests approval of the purchase agreement of the <br />former State Theatre located at 212 & 216 Michigan St for the purchase price of $800,000 which is under the <br />average value of two appraisals. The State Theatre was originally erected in 1917, and the current building is <br />approximately 16,995 SF. The building is currently owned by a financing organization which acquired the building <br />due to the former owner of the building defaulting on the mortgage. <br /> <br />Staff proposes the acquisition of this property to allow for the redevelopment of a significant historic structure in <br />downtown South Bend. Staff believe there is the potential for a higher and better use of the site than currently <br />utilized. <br /> <br />Staff recommends approval. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION