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South Bend Redevelopment Commission Regular Meeting — Thursday, July 25, 2013 5. OLD BUSINESS There was no Old Business. 6. NEW BUSINESS A. South Bend Central Development Area (1) Proposal for appraisal services agreement related to the tax appeal for the College Football Hall of Fame. Mr. Relos noted that Rick Pitts, a MAI Certified Indiana Appraiser, appraised the College Football Hall of Fame in 2010. We would now like him to provide a Value In Use appraisal for the Hall. This type of appraisal will be needed for the property tax appeal currently pending. Value In Use is defined by the Real Property Assessment Manual as: "The value of property is for a specified use. The concept holds value to be inherent in property itself, that is, the value based on the ability of the asset to produce revenue or utility through ownership. The value a specific property has for a specific use." The appraisal will value the Hall as it was intended to be used, i.e., as a museum, in addition to normal valuation methods. Since the appeal is for the 2012 pay 2013 taxes, the appraisal will value the Hall as of the assessment date the appeal is based, or March 1, 2012. Having the Hall's assessed value be closer to its market value will assist in its eventual disposition. Staff requests approval of this Professional Services Agreement in the amount of $4,800. Upon a motion by Ms. Schey, seconded by Mr. Inks and unanimously carried, the Commission approved the Proposal for appraisal services agreement related to the tax appeal for the College Football Hall of Fame. B. Airport Economic Development Area (1) Staff Report on Studebaker /Oliver project. Ms. Kolata noted that South Bend's Redevelopment Commission has reached a milestone in its Studebaker /Oliver Redevelopment project, the largest brownfield project in Indiana, with the successful conclusion of the environmental cost recovery phase of its efforts. About Studebaker. The site is located generally north and south of Sample Street between Franklin and Prairie. Studebaker Motor Company was, for a time, the fourth largest automaker in the United States. It was based in South Bend. Most of its operations were consolidated at this single plant. At its peak in the 1940s and 1950s, several hundred