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