HomeMy WebLinkAbout6.B.(7) Staff report, Habitat~ ~ (,)
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Community & Economic Development ~"~ ~~,,~'
1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Habitat Appraisal
Date: February 19, 2010
On January 15, 2010, the Commission accepted the Habitat for Humanity counter offer of
$345,000 for their property located at 412 E. Sample Street, contingent on getting an
outside appraisal on the new location, the old Kroger store and parking lot at the corner of
Main & Ewing, that is close to the value being paid for the Sample Street property.
Habitat employed Richard McCloskey, a licensed MAI appraiser used routinely by staff to
do commercial appraisals. Because both appraisals totaled nearly 100 pages, attached is
the value page from both appraisals. The combined appraised value for both parcels adds
to a total of $328,000, which calculates to a 5% difference between the appraised value and
the counter offer price.
Because of the close proximity between the appraised value and the counter offer price,
staff requests approval to move forward with the acquisition of the Habitat property at 412
E. Sample Street.
What We Do Today Makes A Difference!
R.E. McCLOSKEY
& ASSOCIATES, u~rc.
February 3, 2010
Mr. Jim Williams
Executive Director
Habitat for Humanity of St. Joseph County
402 East South Street
South Bend IN 46601
RE: Appraisal of a vacant Land Parcel located at the SWC of Main Street and Ewing Avenue, South
Bend, Indiana (Tax Parcel 18-8013-060104)
Dear Mr. Williams:
In accordance with your request, I have performed an appraisal on the above captioned property. My
appraisal report is attached. The attached appraisal report has been prepared in conformance with the
Uniform Standards of Professional Appraisal Practice (USPAP).
The effective date of valuation of the property is the date of my last inspection of the property on
January 27, 2010.
Based on my inspection of the property, a review of public record information, and analysis of pertinent
market information, I am of the opinion that the market value of the fee simple interest in the subject
property is:
SEVENTY-S/X THOUSAND DOLLARS
$76i ~~~
I believe the attached appraisal report is self-explanatory, however, should you have any questions
or need additional information concerning the appraisal, please do not hesitate to contact me. It has
been a pleasure serving your appraisal requirements in this matter.
Sincerely,
R. E. MC CLOSKEY AND ASSOCIATES, INC.
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Richard E. McCloskey, MAI, SRA
Indiana Certified General Appraiser
License #CG69100490
Real Estate Appraisers and Consultants
Richard E. nfcCloskey,111A1, SRA 52872 Farmingdale Drive • Granger, IN 46530.574-272-4738
,,., Email: dick®aerovisionphoto.com
R.E. McCLOSKEY
& ASSOCIATES, INc.
February 3, 2010
Mr. Jim WiNiams
Executive Director
Habitat for Humanity of St. Joseph County
402 East South Street
South Bend IN 46601
RE: Appraisal of Vacant Commercial/Industrial Facility located at 2411 South Main Street, South Bend,
Indiana (Tax Parcel 18-8013-0601 }
Dear Mr. Williams:
In accordance with your request, I have performed an appraisal on the above captioned property. My
appraisal report is attached. The attached appraisal report has been prepared in conformance with the
Uniform Standards of Professional Appraisal Practice (USPAP).
The effective date of valuation of the property is the date of my last inspection of the property on
January 27, 2010.
Based on my inspection of the property, a review of public record information, and analysis of pertinent
market information, I am of the opinion that the market value of the fee simple interest in the subject
property is:
TWO HUNDRED FIFTY-TWO THOUSAND DOLLARS
~252,voo
I believe the attached appraisal report is self-explanatory, however, should you have any questions
or need additional information concerning the appraisal,- please do not hesitate to contact me. It has
been a pleasure serving your appraisal requirements in this matter.
Sincerely,
R. E. MC CLOSKEY AND ASSOCIATES, INC.
Richard E. McCloskey, MAI, SRA
Indiana Certified General Appraiser
License #CG69100490
Real Estate Appraisers and Consultants
Richard s.1ltcCloskey, MAt, SRA 52872 Farmingdale Drive • Granger, IN 46530.574-272-4738
.,.~ Email: dick@aerovisionphoto.com