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South Bend Redevelopment Commission <br />Regular Meeting –January 14, 2011 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />Ignition Park. The entire property is <br />approximately 87 acres and its uses are <br />defined under the Ignition Park PUD Zoning <br />Ordinance. The proposed fair market value <br />of the property as derived by two <br />independent MAI appraisals is $26,250 per <br />acre for lots two to five acres in size, $24,500 <br />per acre for lots over five acres up to ten <br />acres, and $23,625 per acre for lots larger <br />than ten acres. Staff requests approval of <br />Resolution No. 2817. <br /> <br />Mr. Varner asked whether these prices are <br />comparable to lots in Edison Lakes. Mr. <br />Relos responded that they are comparable to <br />lots for sale in Oliver Plow Industrial Park. <br /> <br />CRN.2817 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />FUV <br />ESTABLISHING THE AIR SE ALUE OF AND <br />Ms. King and unanimously carried, the <br />OFFERING FOR SALE CERTAIN PROPERTY IN THE <br />Commission approved Resolution No. 2817 <br />AEDA <br />IRPORT CONOMIC EVELOPMENT REA <br />establishing the Fair Use Value of and <br />(IP) <br />GNITION ARK <br />offering for sale certain property in the <br />Airport Economic Development Area <br />(Ignition Park) <br /> <br /> <br />(2) Bid Specifications and Design <br />Considerations for Ignition Park. <br /> <br />Mr. Sikora noted that the Bid Specifications <br />and Design Considerations follow to the <br />letter the Ignition Park PUD approved by the <br />Common Council.on December 13, 2010. <br /> <br />Mr. Varner noted that the bid packet contains <br />a resolution approved in 1982 encouraging <br />developers to pay prevailing wage rates. He <br /> 6 <br /> <br />