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REGULAR MEETING <br />JUNE 23, 1987 <br />Commencing at a point on the East line of said <br />Southeast Quarter, a distance of 556.45 feet South <br />0-00'-00" East of the Northeast corner of said Quarter <br />Section; thence South 88-38'-01" West, along the South <br />line of a parcel of land conveyed to the Civil City of <br />South Bend, a distance of 450.22 feet to the place of <br />beginning for this description; thence continuing South <br />88-38'01" West, along said South line, a distance of <br />359.38 feet to the Southwest corner of said City property; <br />thence North 0-00'00" West, along the West line of said <br />City property and parallel with said East line of the <br />Southeast Quarter, a distance of 155.00 feet; thence <br />North 88-38'01" East, parallel with said South line <br />of said City property, a distance of 260.00 feet; thence <br />South 39-00'-51" East, a distance of 157.83 feet; thence <br />South 0-00'00" West, parallel with said East line of the <br />Southeast Quarter, a distance of 30.00 feet to the place <br />of beginning containing 1.14 acres more or less. <br />Mr. Leszczynski further advised that the property has an <br />appraisal value of $11,000.00. <br />The Clerk tendered proofs of publication of Notice in the South <br />Bend Tribune and the Tri-County News which were found to be <br />sufficient. The following bid was received: <br />ERSKINE PLAZA ASSOCIATES <br />227 South Main St. <br />South Bend, Indiana <br />Submitted by Mr. Christopher Davey, Managing Partner, <br />Erskine Plaza Associates and Robert E. Dunbar, Jr., <br />Development Director, Cressy and Everett Commercial <br />Company, Inc. indicating the following items: <br />1. Based upon the City's appraisal of the above -described <br />property, Erskine Plaza Associates is willing to <br />exchange their 0.37 acre parcel described below, <br />immediately adjacent to the City of South Bend <br />retention pond, for the above -described 1.14 acre City <br />parcel. <br />The value of Erskine Plaza Associates' parcel <br />is $28,409.00 based upon the City's appraisal of <br />$55,000.00 per acre for land in that area. In <br />addition, Erskine Plaza Associates stated that the <br />parcel owned by them has a parking lot on it which, <br />based upon their real estate experience, is valued at <br />$.50 per square foot. <br />Therefore, the parcel owned by Erskine Plaza Associates <br />is valued as follows: <br />0.37 acres x $55,000.00/acre = $20,350.00 <br />0.37 acres x 43,560 sq. ft./acre x <br />$.50 sq. ft. _ $ 8,059.00 <br />Total value EPA parcel = $28,409.00 <br />Erskine Plaza Associates' 0.37 parcel of property is <br />as follows: <br />A parcel of land being a part of the Southeast Quarter <br />of Section 25, Township 37 North, Range 2 East, City <br />of South Bend, Centre Township, St. Joseph County, <br />Indiana and being more particularly described as <br />follows: <br />