6.B.(10) Resolution No. 2481 - Laserfiche WebLink

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Community & Economic ~y ypUTH B v ~ pF ~\ i ~ Development ~' `~~~!' ~~ txas ~ 1200 County-Cry Builcing, 227 Wesi Jefferson, Souih Bend, Indiana 46601-1830 Phone 574!235-9371 Fax 574/235-9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner Subject: Resolution 2481 -Setting Acquisition Price for GMS Parcel (SW Corner of Wayne & William) Date: October 13, 2008 Attached to this staff report is Resolution 2481 which relates to a parcel at the Southwest Corner of Wayne Street & William Street within the South Bend Central Development Area. The property contains a vacant lot that takes up the entire NE quad of the block bounded by William, Western, Taylor and Wayne. The property was added to the South Bend Central Development Area acquisition Ilst by Resolution 2441 on March 28, 2008. The parcels proposed for acquisition include the following: 18-3012-0420.01 SW Corner of Wayne~GMS Realty, Inc. William Resolution 2481 The purpose of Resolution 2481 is to set the acquisition value for the property, The average appraised value as determined by two qualified appraisers is 877,000.00. This value includes the entire NE quad which is about a 22,800 SF (.5 acres) parcel. (See attached map) Summary Staff requests approval of Resolutions 2481. The purpose of the acquisition is twofold. First, it is for site control. The Commission owns a large corner of the block immediately adjacent to the west and a lot to the south at 323 S William Street and this acquisition at a reasonable value would allow for a better plan for the reuse of the block. Second. acquisition of this parcel is key to remove a blighting lot that impacts the development of the rest of the block. The projected reuse plan for the block is for proposed for new housing concepts and acquisition will allow for consistent site control and planning within the context of the on-going Coveleski Park Planning effort. What We Do Today Makes A Difference!