2 Minutes 06-13-13 Meeting - Laserfiche WebLink

Home Browse Search

South Bend Redevelopment Commission Regular Meeting — Thursday, June 13, 2013 5. OLD BUSINESS (Cont.) A. Other (1) continued... Mr. Varner said he would like to know the source. Mr. Inks noted that the funds used were COIT and EDIT funds. Mr. Meteiver noted that legal is still investigating. 6. NEW BUSINESS A. South Bend Central Development Area (1) Proposal for professional services for tax appeal for the College Football Hall of Fame property. Mr. Relos noted that staff has solicited a proposal from Rick Pitts, an MAI Certified Indiana Appraiser, who appraised the College Football Hall of Fame (Hall) in 2010, to assist in the property tax appeal currently underway for this property. In December 2012 a petition was filed with the Assessor's Office to review the 2012 pay 2013 assessed value of the Hall. The assessed value for tax purposes is $6,022,600. In 2011 the Hall was taken through the disposition process with an average appraised value of $2,687,500. In May of this year staff received notice the assessed value for the Hall was not to be changed. Staff filed paperwork to appeal, and a hearing will be held before the Property Tax Board of Appeals. Staff is requesting the services of Rick Pitts, whose knowledge of the downtown market will be helpful to assist in this hearing. The attached proposal is for him to review related documentation and attend the hearing, with an hourly rate of $175 per hour. Staff requests approval of this Professional Services Agreement in a not -to- exceed amount of $1,750 (10 hours of work). Having the Hall's assessed value be in line with its market value will assist in the Hall's eventual disposition. Mr. Varner asked if it isn't the obligation of the Assessor's office to recognize the eventual sale price of the building as the assessed valuation. Mr. Inks responded that this question has been asked before and the response of the Assessor is that the sales price could be the basis of an appeal, but the reduction is not automatic. Mr. Varner thought that the use of Mr. Pitts to help appeal the assessed value seems redundant, since once the property has sold, the sales price should be the basis for an appeal. The $1,750 price is not a lot, but may not be necessary. The purchasers can appeal the AV