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South Bend Redevelopment Commissioll <br />.regular Meeting — October 19, 2007 <br />G. NEW BUSINESS (CONY.) <br />B. South Bench Central Development Area <br />(1) Commission approval requested for <br />Resolution No. 2385 related to acquisition <br />of property in the South Bend Central <br />Development Area, (505 and 513 S. <br />Michigan St, Fat Daddy's outlet an <br />former Beebe Cabinet) <br />Ms. Laurent noted that Resolution 2388 sets <br />the offering price for two properties outlined <br />in the Downtown Development Strategy as <br />key ac uis .tlo s, The first is Fat . a.ddy's <br />Outlet at 505 S. Michigan, with a fair ruse <br />value established at 101 , 5 0 0 acrd the second <br />j.s t he vacant Beebe be abinet building at 51.7 <br />S. Michigan with a fair ruse value <br />established as $87,000. The fair ruse value <br />is set as the average of two certified MAI <br />appraisals. The resolution authorizes an offer <br />to PUrehase to be sent to these property <br />owners. Both are listed with commercial real <br />estate brokers and thus we consider there to <br />have willing sellers. <br />Documentation of the poor condition of both <br />of these buildings is contained within the <br />appraisals. Fire has destroyed one of the <br />buildings entirely; the majority of square <br />footage is currently unused or abandoned, <br />and all have exhausted the economic life <br />expected of commercial buildings when <br />needed maintenance and renovations have <br />not taken place. The depth of the buildings <br />and lack of elevators contributes to their <br />functional obsolescence. A commercial <br />enterprise, Fat Daddy's outlet, continues to <br />operate in one of the buildings, and thus we <br />want to be sensitive to ongoing business <br />operations in any discussions about the future <br />13 <br />