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South Bend Redevelopment Commission <br />Regular Meeting -January 21, 2011 <br />17,000 SF ($150,000 or $8.82/SF), the <br />Richey's Radiator parcel is 11,440 SF <br />($190,000 or $16.64/SF), and the Fred's <br />Transmission parcel is 24,395 SF ($262,500 <br />or $10.76/SF). The average per square foot <br />price for the corners of Western and William <br />was $12.07/SF in comparison to the $5.64/SF <br />for Lafayette and Monroe. As a comparison, <br />if the higher per SF cost is applied to the <br />MI,&K property, the appraised value would <br />be approximately $139,181. <br />(2) Resettlement Costs <br />The property that ML&K is interested in <br />locating to in the East Bank at 621 E <br />Jefferson Blvd consists of two parcels with a <br />total property area of 6,700 SF and two <br />buildings with the principal building having a <br />footprint of roughly 2,262 SF. The parcel <br />with the main building consists of only the <br />building (about 2680 SF of land); all parking <br />spaces and the second building are located on <br />the second parcel (about 4,020 SF of land). <br />The small building is owned and used by the <br />property owner as a business office. He will <br />relocate once the sale is completed. The sale <br />price for the entire site is $200,000 and is <br />approximately what was paid for the site five <br />to ten years ago. There has not been a recent <br />appraisal done on the Jefferson Street parcel, <br />but the one done at the time the building was <br />last sold valued it at just under $200,000. <br />The proposed acquisition price for the parcel <br />at 306 W. Monroe is $65,000 with a counter- <br />offer/acquisition settlement value of <br />$135,000 for a total site purchase amount of <br />$200,000. <br />Resettlement Costs <br />The 614 Jefferson Street property needs <br />some rehabilitation and upgrades to serve <br />7 <br />