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South Bend <br />Regular Me <br />3 <br />elopment Camtission <br />- October 11, 1991 <br />a. continuea... <br />MR. HUNT: The figure, Ed, is $164,833. <br />Now this is an estimate and is not based <br />on the two appraisals that <br />wera done and the review appraisal that <br />wilL have to be done to establish Fair <br />Marcet Value. But we're required as part <br />of e resolution to estimate the value <br />of e property. Jenny, I don't know if <br />there are any caments from your <br />M5. M VIER: No, that is a statutory <br />reqArement. I assume it is based on <br />your experience in the past. <br />MR. DAVIS: My concern is that we get a <br />fair market price for the lot. We had <br />two buyers for the lot. Both of them <br />backed out when they found out <br />Redeveloprent was interested in the lot. <br />We ve paid taxes for the last six years <br />on 't. What they said was a fair market <br />value of $235,000. We did list the <br />property for sale with a local commercial <br />reaLtor - Dick Muessel. He felt a fair <br />pri e was $250,000. The block was empty <br />whea we came down with Senor Kelly's <br />abo.it ten years ago, as you all know. <br />Sin ::e then we have spent over $80,000. <br />We had to fill in the vaults and put in <br />sidewalks and dry wells and surface the <br />lot with blacktop. Tom Oare, who is the <br />owner of the Senor Kelly's building, is <br />currently negotiating with John O'Brien <br />of Coldwell Banker to sell the building, <br />wtiich would be Kellys and the little <br />building next door, but would not include <br />Coney Island, which they also own. He is <br />asking $400,000 for that property. It <br />jus tells me that it has increased <br />trerendcusly in value. I'm not saying <br />heI3 going to get $400,000, but that what <br />heI3 told John O'Brien. John has some <br />rel ctance in that he feels that to sell <br />the building without the parking lot to <br />tie in might be difficult, unless there <br />was accessibility to get the parking lot <br />-4- <br />