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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 />Regular Meeting —April 16, 2004 <br />6. NEW BUSINESS <br />E. Airport Economic Development Area <br />(7) continued... <br />to be further negotiated, or if the <br />Commission is standing firm, approve the <br />proposed project at the $55,000 per acre <br />price which is consistent with many of the <br />other property sales in the Blackthorn area. <br />The action taken is entirely at the <br />Commission's discretion. <br />Mr. Hunt asked for confirmation that recent <br />sales of property in the Blackthorn area <br />were, in fact, at $55,000 per acre. <br />Mr. Rock responded that the statement was <br />correct and the actual asking price for <br />Lot 40 is $60,000 per acre. <br />Mr. Panzica asked to address the issue of <br />price and distributed an exhibit to the <br />Commissioners obtained from <br />www.loopnet.com. Viewed as a comparable <br />site by Crescent Michiana Properties III, <br />Mr. Panzica noted the sale price per acre of <br />Lots 14 & 15 in Blackthorn West Business <br />Park is approximately $40,000. It was <br />indicated that the price of $55,000 per acre <br />was based on a recent sale of a parcel in <br />Blackthorn that was of smaller acreage and <br />had frontage directly on the golf course. <br />Whether buying land in Knollwood, or an <br />industrial venue, or a business park venue, <br />golf course views obviously increase the <br />value of the lot. The same price for land on <br />the other side of the street, which has a <br />different designation of use, namely the <br />support services side, is not necessarily a <br />G9 <br />
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