6.B.(1) Resolution No. 2573 - Laserfiche WebLink

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~ C~) ~ C ~~ ~, ~,,.± S~~~TH B ~ • Y 1 I:,~,/a, E~~ ~ ~1~ o'.. Community & Economic Development ~~ ~'~~`a= ~~~ 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: Dave Relos, Economic Development Planner Subject: Res. 2573 -Acquisition Offer for V/L NE and adj to 411 W Indiana Res. 2574 -Counter Offer for V/L NE and adj to 411 W Indiana Date: April 03, 2009 This is the staff report for the acquisition of a vacant lot that is northeast and adjacent to 411 W Indiana Avenue. This property was added to the Airport Economic Development Area Acquisition List by Resolution 2456 on June 13, 2008. This approximately 3/4 acre vacant lot is needed for the future site of the Transpo transportation center. This lot is almost fully covered with a concrete slab, and has an 8 foot metal fence surrounding it on two sides. It is currently being used by Waste Management, though not owned by them. Upon acquisition, the property will be cleared and sold to Transpo. Staff is currently in ongoing discussions with the property owner on various details of this purchase. Because of the Transpo timeline, it is hoped that both sides can come to an agreement before the Commission's meeting this coming Friday. Resolution 2573 sets the acquisition value of the property at $42,537.50. The acquisition value is the average value as determined by two independent appraisals. The property owner submitted a counter offer value of $50,000.00. Upon researching the value of this property and the depreciated value of its improvements thereon, staff feels this counter offer is a reasonable value for this property. Staff requests approval of Resolution 2573 and counter offer Resolution 2574 and to allow for the acquisition of this property. What We Do Today Makes A Difference!