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Tax Appeal For: Hotel La Salle 237 N. Michigan St Key #: 018 -1002 -0040 In 2004, the Department of Community & Economic Development (now the Department of Community Investment, or DCI) took the Hotel La Salle property through its disposition process. This process requires two appraisals be completed, with the property's value being the average of the two. The Hotel La Salle site contains three parcels, Lots 1, 2, and 3 of the original Plat of the Town, now City of South Bend. The DCI is currently in process of selling the Hotel La Salle for $1 to a private developer, who proposes to spend approximately $9,000,000 on its rehabilitation. The Hotel building sets on Lot 1 only, with the parking area being Lots 2 and 3. Only Lot 1 will be sold to the private developer, with DCI retaining ownership of Lots 2 and 3. The March 1, 2013 assessment of Lot 1 (parcel # 018 - 1002 -0040) is $33,400 land value and $773,700 improvements, for a total assessed value of $807,100. All three of these lots were included in the 2004 appraisals, with an average appraised value of $440,500. Average appraised land value per square foot (sf) was $9.95 / sf. The parking area (Lots 2 and 3) contain 21,780 sf, multiplied by a value of $9.95 / sf equates to a land value for these two lots of $216,711. Lot 1 contains 10,890 sf, or a land value of $108,355 (10,890 X $9.95). Deducting the land value of Lots 2 and 3 from the average appraised value of $440,500 equals a Lot 1 value of $223,789. $223,789 value of Lot 1 minus the land value for Lot 1 of $108,355, equals an improvement value of $115,434 (see attached analysis). The DCI therefore respectfully files a Notice To Initiate Appeal for Lot 1 with the following values: $108,355 land value $115,434 improvement value $223,789 total value.