6.A.(1) Resolution No. 2631 - Laserfiche WebLink

Home Browse Search

~~-C~~ Community & Economic Development 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission ~~~ From: Bill Schalliol, Economic Development Planner Subject: Resolutions 2631 -Former Schillings Camera Store (325-329 S Lafayette) Date: December 15, 2009 Attached to this staff report is Resolutions 2631 which relates to property at 501 W. Western Avenue in the Coveleski Neighborhood Planning Area within the South Bend Central Development Area. This parcel was added to the South Bend Central Development Area acquisition list by Resolution 2595 on August 26, 2009. The parcel proposed for acquisition is the following: Tax Key No. Address Owner 18-3009-0308 325-329 S Lafayette Cari Shein Resolution 2631 The purpose of Resolution 2631 is to set the acquisition value for the property commonly known as the former Schillings Camera Store located at 325-329 S Lafayette Blvd. The average appraised value as determined by two qualified appraisers is $333,000.00. This value is fora 23,760 SF (+/- .545 acres) lot with one 17,565 SF commercial structure. The parcel sits on the west side of Lafayette north of the intersection of Lafayette and Western and is located in the Coveleski Park - Large Development Site Block bound by Western, Lafayette, Wayne and William. (See attached map). There are only three property owners in this block and this acquisition would eliminate one acquisition component for the future. The property was renovated in the last several years and could be used for office or other commercial uses based on the zoning. Because the parcel sites mid-block, because it is vacant and because the seller was motivated to sell at this time, the acquisition of this property is a reasonable move by the Commission to tie up one of the three land blocks in this development zone. The property owner will settle at the appraised value but has asked for relocation assistance to remove several large items from the building that are currently being stored in the building. Instead of submitting acounter-offer for the property, staff has worked with the owner to cover the relocation costs of Fourteen Thousand ($14,000.00) Dollars as part of the purchase. Summary Staff requests favorable approval of Resolutions 2631. The total purchase of the property would be $347,000.00, and the value is reasonable and consistent with values paid to others in the neighborhood. This is a key parcel and is adjacent to other property owned by the Commission. What We Do Today Makes A Difference!