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• Q. SpUTri fit,. <br />V �\ <br />Community & Economic Development �'•d':, <br />Division of Community D e v e l o p m e n t <br />1863 <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 5742191235-9660 + Fax 574219f235-9697 <br />To: Angela Jacob <br />From: Larry Magliozz' <br />Subject: Request to Purchase Pro rty <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 sale 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 1 <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:OATA15H.aREOpndlLand �lanagenxnt\City Property FilesVefferson 101012.wpd <br />