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�pu'rrr o� <br />IM • • <br />Community & Economic Development <br />Division of Community Development 196s <br />830 Phone 5742191235-9b60 5742191235-9697 <br />1200 County -City Building, 227 West Jefferson. South Bend. Indiana 46601-1Fax <br />To: Angela Jacob <br />From: Larry Magliozz' <br />Subject: Request to PurchaKQerty <br />1010 W. Jefferson; Key Number 18-3068-2647 <br />Date: June 3, 2004 <br />The Legal Department, at my request, reviewed the requirements for appraisal of <br />properties relative to not -for -profit organizations. My concern was whether the safe of this <br />property, for $29,000.00, triggered a required appraisal of properties that were assessed at <br />over $5,000.00. This property is assessed at $35,400.00 according tot he St. Joseph <br />County Assessor's records, Tax year 2003 Payable 2004. it was indicated to me that no <br />appraisal was required. <br />In addition, the property was broken into and vandalized, causing approximately $1,000.00 <br />in damages. The South Bend Heritage Foundation has agreed to take on the repairs, and I <br />recommend that the price be reduced by $1,000.00 to $29,000.00. <br />Unless any other issues arise, I recommend that this property be turned over to the South <br />Bend Heritage Foundation for $29,000.00 so that the property can be incorporated in the <br />revitalization efforts occurring on W. Jefferson Boulevard. The income from the sale will be <br />considered as CDBG Program Income. <br />F:OATAISHARE1DpndU.and Managenxnt\O(y Property FilesUefferson 1010 #2.wpd <br />