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03-27-12 Packet
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11/1/2012 10:45:23 AM
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South Bend Redevelopment Commission <br />Regular Meeting —March 13, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(2) Declaration that Bosch site disposition <br />process completed. <br />Mr. Relos noted that on November 22, 2011, <br />the Commission approved by Resolution <br />No. 2959 the fair market value of the Bosch <br />site at 401 N. Bendix Drive. Based on two <br />independent commercial appraisals, this <br />unique property was valued to determine <br />both its sales and lease value. <br />Additionally, the property was valued three <br />different ways: as a total site, only the main <br />building and land (Plant 100), and only the <br />smaller engineering building property and <br />land (Plant 9). The values arrived at were: <br />• Total site (29.46 acres) <br />sale price $1,967,500 <br />triple net lease $1.60 / square foot <br />• Plant 100 (25.90 acres) <br />sale price $1,532,500 <br />triple net lease $1.63 / square foot <br />Plant 9 (3.56 acres) <br />sale price $462,500 <br />triple net lease $1.73 / square foot. <br />Also, approved on November 22, 2011 was <br />the authorization to publish the Notice of <br />Intended Disposition of Property (Notice), <br />with publication dates of December 2 and <br />December 9, 2011. The Notice was <br />published on those dates, and December 27, <br />2011 was set as the date bids were to be <br />opened. December 27, 2011 began the 30 <br />day period during which no negotiated deals <br />14 <br />
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