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South Bend Redevelopment Commission <br />IL Regular Meeting — February 7, 2003 <br />6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(3) continued... <br />Mr. Mathia reported that staff <br />requested proposals from four (4) MAI <br />certified appraisers to determine the <br />fair market rental of property located at <br />348 Columbia and the adjacent parking <br />lot. The property is commonly known <br />as the AEC building and it is owned by <br />Crowe Chizek. The land, but not the <br />buildings, was recently acquired by the <br />Commission. Appraisals are needed as <br />part of the disposition process to <br />determine the fair market rental value <br />of the property to be leased. Two (2) <br />proposals were received and are as <br />follows: <br />Jerome Michaels, MAI $3,500 <br />R E Pitts & Associates, Inc. $2,000 <br />Two (2) proposals are required to <br />establish fair market value and staff <br />recommends accepting the proposals <br />from Jerome Michaels and R. E. Pitts <br />& Associates. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Kahn and <br />unanimously carried, the Commission <br />approved the request for professional <br />services in the South Bend Central <br />Development Area and authorized staff <br />to retain Jerome Michaels and R. E. <br />Pitts & Associates based on the scope <br />of services and fee proposed. <br />(Appraisal work, 348 Columbia & <br />adjacent parking lot, former AEC <br />building) <br />21 <br />COMMISSION APPROVED THE REQUEST FOR <br />PROFESSIONAL SERVICES IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA AND <br />AUTHORIZED STAFF TO RETAIN JEROME <br />MICHAELS AND R. E. PITTS & ASSOCIATES <br />BASED ON THE SCOPE OF SERVICES AND FEE <br />PROPOSED. (APPRAISAL WORK, 348 COLUMBIA & <br />ADJACENT PARKING LOT, FORMER AEC <br />BUILDING <br />