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South Bend Redevelopment Commission <br />Regular Meeting -August 4, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Sample-Ewing Development Area <br />(1) Commission approval requested for <br />Resolution No. 2263 related to acquisition <br />of property in the Sample-Ewing <br />Development Area. (former Kokoku <br />Wire) <br />Mr. Schalliol noted that the Kokoku property <br />is part of a three-way transaction which will <br />facilitate development at the corner of <br />Ireland and Lafayette. The city needs some <br />right-of way on the Ireland/Lafayette corner. <br />The owner of that property is willing to trade <br />his property for some land on the west side of <br />Lock Joint Tube. Lock Joint Tube is willing <br />to trade is property for the former Kokoku <br />property which the city has the ability to <br />acquire. Resolution No. 2263 sets the <br />purchase price the city is willing to pay for <br />the former Kokoku Wire property. Due to <br />the condition and former use of this property, <br />two appraisals were obtained to help set the <br />"as clean" purchase value of the site. A <br />Phase I environmental report and a proposal <br />for a Phase II report were prepared by <br />Wightman-Petrie Environmental to help in <br />establishing the potential impact value of <br />environmental and site clean-up. This <br />second value is used against the "as clean" <br />value to set a true market value price for the <br />property. This approach for establishing <br />value is consistent with the other acquisition <br />efforts throughout the Studebaker Corridor <br />area. <br />The average appraised value for the subject <br />property in an "as clean" condition is <br />$377,000. The value of the environmental <br />and site clean-up as determined by <br />9 <br />