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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 : 4/1/2025 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br /> <br />SUBJECT: Purchase Agreement – 4216 Old Cleveland Road <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 $192,500 purchase of the property <br />located at 4216 Old Cleveland Road <br /> <br />SPECIFICS: The Department of Community Investment requests approval of the purchase agreement of the <br />property located at 4216 Old Cleveland Rd for the purchase price of $192,500 which is the average value of two <br />appraisals. This is a currently single-family residential property located near and adjacent to other City of South <br />Bend owned properties. <br /> <br />Staff propose the acquisition of this property to allow for the redevelopment of the area and believe there is the <br />potential for a higher and better use of the site than currently utilized. Acquiring 4216 Old Cleveland will allow <br />for the City to strategically plan for redevelopment of an entire stretch of Old Cleveland Road that is current <br />underutilized. <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