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South Bend Redevelopment Commission <br />Regular Meeting — June 17, 2005 <br />Mr. Inks reported that the referenced <br />property is located at the northwest corner of <br />St. Joseph Street and Jefferson Boulevard <br />where a parking garage structure was <br />previously demolished. Resolution No. 2173 <br />sets the fair market value of the property at <br />$162,500 which represents the average of <br />two (2) independent appraisals. The parcel is <br />described as the Air Rights above the <br />proposed Parking and Retail Facility located <br />at 121 S. St. Joseph Street including all <br />necessary access and supporting easements. <br />The size of the parcel is approximately <br />.58 acres and the proposed re -use is for <br />Class A office space of 30,000 to 45,000 <br />square feet. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2173 <br />I approving the fair market value of property <br />in the South Bend Central Development <br />Area. (St. Joseph/Jefferson Garage Office <br />Proj ect) <br />(7) Commission approval requested for Bid <br />Specifications and Design Considerations <br />for property in the South Bend Central <br />Development Area. (St. Joseph /Jefferson <br />Garage Office Project) <br />Mr. Inks reported that the Bid Specifications <br />and Design Considerations for the property <br />located on the northwest corner of St. Joseph <br />Street and Jefferson Boulevard include the <br />following: <br />— All offers must meet the offering price of <br />$162,500. <br />— The site purchase must include all <br />.58 acres being sold. <br />C, 11 <br />COMMISSION APPROVED RESOLUTION NO. 2173 <br />APPROVING THE FAIR MARKET VALUE OF <br />PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (ST. JOSEPH /JEFFERSON <br />GARAGE OFFICE PROJECT <br />