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04-16-04 Redevelopment Commission Minutes
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04-16-04 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />JL Regular Meeting —April 16, 2004 <br />6. NEW BUSINESS <br />E. Airport Economic Development Area <br />(7) continued... <br />valid comparison. In the Crescent Park, the <br />users will not pay the rents that the tenants <br />on the golf course are willing to. Therefore, <br />to set the price at $55,000 per acre for the lot <br />will essentially kill the deal. Crescent <br />Michiana Properties III can not support the <br />land costs from the rents it can get on the <br />completed project. It will not be Class A <br />office space. It will be a mixture of office <br />and technical uses including truck docks, <br />etc. that use up a lot of land. Mr. Panzica <br />noted that the initial lot sold in Blackthorn <br />was sold for $30,000 an acre, recognizing <br />and stipulating that the market has moved <br />since that time. Mr. Panzica proposed that <br />the fair market value of Lot 40 should not <br />be equivalent to the lots sold on the golf <br />course. <br />Mr. Hunt advised that the Commission takes <br />the advice and values from a retained real <br />estate company in the development business. <br />Mr. Panzica expressed that Crescent <br />Michiana Properties III is simply stating its <br />point of view and the validity of its offer <br />price as being fair. <br />Mr. Hunt responded that the advice given to <br />the Commission is that the market value of <br />the property is currently $60,000 per acre. <br />Ms. Greene inquired if the Commissioners <br />had any questions regarding what action they <br />are being asked to take. <br />10 <br />
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