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Commission refers multiple property proposals to staff, including a $5.56 million Mercantile offer
Summary
The commission read and referred multiple RFP responses for City/HRC properties to staff for further review, including offers for 475 Fayette, the Mercantile building and other parcels; 219 Development proposed $5,562,500 for the Mercantile building by forgivable mortgage. Referral approved 5-0.
The Redevelopment Commission on Jan. 20 read multiple proposals submitted in response to requests for proposals on HRC-owned properties and voted to refer them to staff for further review.
Attorney Westland/Westlund recited the proposals: for 475 Fayette, Tootsie's Chicken and Fish LLC (authorized representative Matisse Haywood) offered $315,000; an entity listed as 219 Development offered $325,000 for that property in the form of a forgivable mortgage. For the Mercantile building (5243 and 5251 Pullman Avenue) Nye & Company submitted a proposal contingent on interior inspection and due diligence; 219 Development submitted a proposal to acquire the Mercantile building for $5,562,500 conveyed through a forgivable mortgage. Another submission for an Indianapolis property listed Midwest Prairie Builders LLC offering $150,000. Staff asked that the commission refer the packets to staff for further review; Commissioner Tomich moved, Commissioner Kubacki seconded, and the commission approved the referral 5-0.
Commissioners did not vote to accept any sale tonight; they instructed staff to review proposals and report back.
Provenance: proposals read aloud by counsel during the agenda item covering acceptance of RFP responses and referral to staff.
