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South Bend Redevelopment Commission <br />Regular Meeting —April 4, 2003 <br />6. NEW BUSINESS (CONT.) <br />C. Sample -Ewing Development Area <br />(3) continued... <br />Mr. Laurent explained that Resolution No. 1969 <br />sets the fair reuse value of land at the Oliver <br />Industrial Park. The property has been appraised <br />by two qualified MAI appraisers, reviewed by <br />Redevelopment staff, and the reuse value will be <br />established based on those appraisals. The <br />Oliver site has not been divided into parcels; <br />therefore the price has been defined based on <br />three criteria: interior parcels larger than five <br />acres are valued at $20,500 per acre; interior <br />parcels of five acres or less are valued at <br />$23,000 per acre; and any parcels fronting on <br />Chapin St. are valued at $25,500 per acre. The <br />existing structures on site, both the Boiler House <br />and buildings 46 and 47, have no contributing <br />value due to their deteriorated condition. Staff <br />recommends approval of Resolution No. 1969. <br />Upon a motion by Mr. Kahn, seconded by Mr. <br />Blake and unanimously carried, the Commission <br />approved Resolution No. 1969 approving the <br />fair re -use value of property in the Sample - <br />Ewing Development Area. (Oliver Industrial <br />Park) <br />(4) Commission approval requested for Bid <br />Specifications for property in the Sample - <br />Ewing Development Area. (Oliver Industrial <br />Park) <br />Mr. Laurent noted the Bid Specifications list the <br />Fair Reuse Value of the property. Bidders must <br />identify the boundaries and the acreage of the <br />sub - parcel they propose to purchase and <br />develop. Buildings on parcels adjacent to <br />(WI 15 <br />COMMISSION APPROVED RESOLUTION No. 1969 <br />APPROVING THE FAIR RE -USE VALUE OF <br />PROPERTY IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. (OLIVER INDUSTRIAL <br />PARK) <br />