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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –November 2, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(5) continued… <br /> <br />value of the property at $107,500, the <br />average of two independent appraisals. <br /> <br />Resolution No. 2800 is the property owner’s <br />counter offer of $190,160. When valuing <br />this building, the appraisals did not give <br />value to the second story. The price per <br />square foot was applied only to the first <br />floor’s square footage. The owners feel the <br />second floor does add value, and argue that <br />this value should be calculated into the <br />building’s overall pricing, especially in light <br />of the value per square foot of their building <br />versus Habitat’s a few blocks away ($20 / <br />square foot Enyart versus $25.75 / square <br />foot Habitat). <br /> <br />Enyart’s counter offer of $190,160 is based <br />on applying the $20 per square foot value to <br />the square footage of both floors, not just the <br />first floor, in addition to the 308 square foot <br />cement block storage garage behind the <br />building. Recent improvements to the <br />building were done in 2008, and include a <br />new roof, tuck pointing the front brick <br />façade, and residing the building’s west side. <br /> <br />In addition to the purchase price of this <br />property, relocation and moving expenses of <br />$132,318 are needed. Enyart Motors was <br />already thinking of moving and is interested <br />in purchasing 1313 Prairie, which the <br />Commission owns and is going through the <br />disposition process. Relocation and moving <br />expenses consist of improvements to 1313 <br />Prairie Avenue. Staff recommends approval <br /> 23 <br /> <br />