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