6E 3 - Laserfiche WebLink

Home Browse Search

� c Cry) T Community & Economic Development • IKS 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner6�4, Subject: Res. No. 2889 — Acquisition Offer for 109 — 111 N. Taylor Res. No. 2890 — Counter Offer for 109 — 111 N. Taylor Date: June 14, 2011 This is the staff report for the acquisition of 109 — 111 N. Taylor St.. This property was added to the West Washington Chapin Development Area Acquisition List by Resolution No. 2852 on March 22, 2011. It was added in an effort to clear the non - conforming buildings on this corner in preparation of more appropriate infill housing or a historic house move. This property is a one story office / commercial building with full basement built in 1956. The building contains 2,026 square feet on a 56' x 93' lot, across the street from Tippecanoe Place Restaurant. Resolution No. 2889 sets the acquisition value of the property at $57,500. The acquisition value is the average value as determined by two independent appraisals. Resolution No. 2890 is the property owner's counter offer of $65,000. The owners of this property bought it in 1992 for approximately $60,000. Over the years they have invested in a new rubber roof, furnace, and office upgrades. The property is assessed at $93,100, and is listed for sale at $79,000. Staff feels the acquisition cost of $65,000 for this property is reasonable, and requests your approval of Offer Resolution No. 2889 and Counter Offer Resolution No. 2890, to allow for the acquisition of this property. What We Do Today Makes A Difference!