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Home My WebLink About6B(2) Community & Economic Development zr~-~~~'`au '~ ..7865 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: For Sale Indiana Ave Properties Resolution No. 2693 Resolution No. 2694 Date: June 04, 2010 There are currently two properties in the Ignition Park /West Indiana corridor that are for sale and listed with realtors. These properties were added to the acquisition list by the recent amendment to the AEDA Development Plan. Information on these properties is: 1521 S Scott St 3 bedroom, 1 bath, 1,459 sf $10,800 1520 S Scott St 4 bedroom, 1 bath, 1,440 sf, with 1 car garage $7,000 Acquisition costs for homes in this area were estimated at $35,000 - $60,000. Vacant lots were estimated at $5,000. 1521 S Scott includes two vacant lots, for a low estimated acquisition cost of $45,000. 1520 S Scott has an estimated acquisition cost of $35,000. Staff asks for approval to move forward with the purchase of these two properties for the listed prices, which are well below the estimated acquisition costs for dwellings in this area. With Legal's assistance, staff would move forward only if we could gain clear title and the appraised value was at or above the asking prices. Staff requests Commission approval of these Resolutions, subject to the receipt of appraisals establishing a value equal to or greater than the listing prices for these properties. What We Do Today Makes A Difference! Listing Flyer RliVIAiC' RE/MAX 100 Inc (Mishawaka) Susan Ullery Direct: (574) 235-3446 Cell: (574) 286-6950 Business Fax: (574) 235-3446 Website: htto://www.susanullerv.net/SB241905 E-mail: Susan@susanullery.com 1521 SCOTT S SOUTH BEND, IN 46613 Page 1 of 2 ~, • ' ~'+'~ • MLS#: 241905 `.~;c: '~.~ Price: $10,800 `~.; ,~ ~~~ Bedrooms: 3 m_ Bathrooms: 1.0 =. "` s ~ "~ ' ~-~-- '' ~ HUD CASE #151-765754 LIST DATE: 04/30/2010 ~ ~ _; ,._•._ ,~. ~ ! _ INS STATUS: IE 203K ELIG.Y PROPERTY SOLD ;,?~ '. `' ~ ! ~ ~s}t~ ~ ' AS IS. FOR MORE INFORMATION OR TO MAKE ! !'~ / r ~, A BID ON THIS OR AN Y OTHER HUD OWNED ~ ~. ~-~..; t P ~ ~~ ~ ~,, ~ _ ROPERTY CONTACT AN INDIANA LICENSED ''' _ w ~ti REAL ESTATE AGENT WHO IS REGISTERED k `~ ~ ~ WITH HUD. ESCROW AMOUNT $3878. KNOWN _ _ DEFECTS: EVIDENCE OF W OOD DESTROYING ORGANISM DAMAGE TO BASEMENT PROPERTY LOCATED ON 3 LOTS. AGENTS PLEASE DO NOT CALL L.A. FOR SHOWINGS. SEE FURTHER REMARKS. ANSWERS TO QU General Features Style 1 Story Garage See Remarks Year Built 1915 Cooling System No Air Cond Building Square Feet 1,459 Heating System Gas Forced Air Subdivision RAFFS Annual Taxes $826 County ST JOSEPH Building Features Exterior See Remarks Appliances Range/Oven Basement Type See Remarks Water Heater Gas Flooring Carpet Vinyl Property Features Site Description Level Reported Lot 36 Frontage Reported Lot Depth 124 Water Sewer Municipal Water Municipal Sewer Listing information courtesy of: R.E.O. INVESTMENTS, LLC Information provided by the Greater South Bend-Mishawaka Broker Reciprocity program. All information is deemed reliable but not guaranteed and should be independently verified. The data relating to real estate on this website comes in part from the Broker Reciprocity Program of the MLS South Bend-Mishewaka. Real estate listings held by brokerage firms other than RE/MAX of Indiana are included and detailed information about them includes the name of the listing broker. http://www.southbendrealestate.net/remaxin/modules/internet/flyers/flyerdetail.asp`?misnum... 6/ 1 /2010 Listing Flyer RFlMAX RE/MAX 100 Inc (Mishawaka) Susan Ullery Direct: (574) 235-3446 Cell: (574) 286-6950 Business Fax: (574) 235-3446 Website: htto://www.susanullerv.net/SB242445 E-mail: Susan@susanullery.com 1520 SCOTT ST S SOUTH BEND, IN 46613 Page 1 of 2 MLS#: 242445 Price: $7,000 Bedrooms: 4 Bathrooms: 1.0 THIS IS A FANNIE MAE HOMEPATH PROPERTY.FANNIE MAE IS OFFERING AN INCENTIVE FOR BUYERS PURCHASING A FANNIE MAE HOME. THE INCENTIVE IS A TOTAL OF 3.5% OF THE FINAL SELLING PRICE COMPRISED OF CLOSING COSTS,THE PURCHASE OF NEW WHIRLPOOL APPLIANCES BY FANNIE MAE OR A MIX OF CLOSING COSTS AND APPLIANCES, AT THE BUYER'S DISCRETION,UP TO THE MAXIMUM 3.5%. SEE General Features Style 1.5 Story Garage 1 Car Subdivision NONE Detached Year Built 1910 Annual Taxes $793 Building Square Feet 1,440 Cooling System No Air Cond County ST JOSEPH Heating System Gas Forced Air Building Features Exterior Alum/Vinyl Appliances No Appliances Trim Included Basement Full Block Type Flooring Carpet Property Features Site Description Less than 1 Acre Reported Lot 54 Depth Water Gas Heater Reported Lot 34 Frontage Water Sewer Municipal Water Municipal Sewer Listing information courtesy of: PRUDENTIAL ONE REALTY- ELKHART Information provided by the Greater South Bend-Mishawaka Broker Reciprocity program. All information is deemed reliable but not guaranteed and should be independently verified. The data relating to real estate on this website comes in part from the Broker Reciprocity Program of the MLS South Bend-Mishewaka. Real http://www.southbendrealestate.net/remaxin/modules/internet/flyers/flyerdetail.asp?misnum... 6/1 /2010 CONFIDENTIAL REMARKS RESOLUTION N0.2693 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION RELATED TO ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA (1521 S. Scott) WHEREAS, under the authority granted by Indiana Code~~' 36-7-14, et sey. and in furtherance of the Airport Economic Development Area Plan ("Plan"), the South Bend Redevelopment Commission ("Commission") has determined that it is necessary to acquire unencumbered fee simple interest in certain property located within the area heretofore designated as the Airport Economic Development Area (the "Area") within the City of South Bend, Indiana (the "City"), which property is more particularly described at Exhibit A attached hereto and incorporated herein ("Property'); and WHEREAS, on May 21, 2010, the Commission adopted Resolution No. ?668 amending the Plan and adding the Property to the Area's acquisition list; and WHEREAS, two (2) independent appraisals of the Property are in process in accordance with Indiana Code ti 36-7-14-19(b), which appraisals are anticipated to provide an offering price of $45,000.00 (the "Offering Price"): and WHEREAS, the Property Owner has indicated that it will accept an offering price of $10,800.00 (the "Agreed Offering Price") which is lower than the value anticipated from the two independent appraisers; and WHEREAS, the Commission now desires to authorize its authorized agents, hired for such purposes, or the staff of the Commission to provide and negotiate an offer for the Purchase of the Property, subject to receipt of appraisals establishing a value greater than the Agreed Offering Price, in accordance with Indiana Code § 36-7-14-19, which may include relocation costs and the Commission's payment of expenses incidental to the conveyance and determination of the title of the Property; and WHEREAS, the Commission finds that all procedures necessary for authorizing and acquiring the Property have been provided for in accordance with Indiana 1 aw; NOW, THEREFORE, BE IT RESOLVED by the Sout11 Bend Redevelopment Commission that: 1. Authorized agents of the Commission and the staff of the Commission are hereby authorized and directed to cause a purchase offer to be made in writing to the owner(s) of the Property as described at Exhibit A at the Agreed Offering Price (the "Agreed Offering Acquisition Price" in Exhibit A), subject to receipt of appraisals establishing a value greater than the Agreed Offering Price, in accordance with Indiana Code ~ 36-7-14-19, which offer or process may include relocation costs and the payment of expenses incidental to the conveyance and determination of the title of the Property. 2. The Commission's agents and attorneys are hereby authorized and directed to negotiate and prepare documentation necessary to accomplish the acquisition of the Property in accordance with this Resolution and in a forn acceptable to legal counsel. 3. The Commission hereby ratifies any actions of its staff or legal counsel previously taken consistent with the authority provided in Section 1 or ? hereof. Notwithstanding the foregoing, no representations, contract or understanding relative to the purchase of the Property, whether made by a Commissioner, employee or other agent or official, is binding against the Commission until approved and accepted by the Commission in writing. The Commission hereby accepts, in advance, any purchase of the Property pursuant to a uniform acquisition offer set forth at Indiana Code ~ 32-24-1- 5 (or a purchase offer deemed by legal counsel to be substantially similar to said Uniform Acquisition Offer, which may include the payment of expenses incidental to the conveyance and determination of title). 4. Don Inks or David Relos is authorized to execute on behalf of the Commission any documents necessary to carry out the intent of this resolution. ADOPTED at a Regular Meeting of the South Bend Redevelopment Commission held on June 4, 2010, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT /'rink°~ .A'cimr un~ IiNc' South Bend Redevelopment Commission ATTEST: ;~onc„~„~~~ Prink°c :A'unn~ mu lil r South Bend Redevelopment Commission EXHIBIT A PROPERTY DESCRIPTION AND OFFERING PRICE Agreed Offering Tax Key No. Address Owner Acquisition Price 18-8026-1043 18-8026-1045 1521 S. Scott Street Matthew L. Rice $10,800.00 18-8026-1043