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HomeMy WebLinkAbout6B(1)C~ ~S (r~ ~ ~ .,,~SpU TN 6F .. I ~ %p ~~\ t % e Community & Economic Development ~r `'~~'~,~' Bess 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: South Bend Redevelopment Commission From: Matthew Sikora, Economic Development Planner~,ti 7 Subject: Resolution No. 2817 Date: January 14, 2011 Attached is Resolution No. 2817 which sets the fair market value for the property referred to as Ignition Park Disposition Parcels. The property is located in the SE Quadrant Prairie Avenue /Sample Street in the Airport Economic Development Area. The entire property is approximately 87 acres and its uses are defined under the "Ignition Park PUD Zoning Ordinance." The proposed fair market value of the property as derived at by two independent MAI appraisals is the following: 2.0 - 5.0 acre lots 5.1 - 10.0 acre lots 10.1 acre lots and larger $26,250 /acre $24,500 /acre $23,625 /acre Staff requests approval of Resolution No. 2817. What We Do Today Makes A Difference! RESOLUTION NO. 2817 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING THE FAIR USE VALUE OF AND OFFERING FOR SALE CERTAIN PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA (IGNITION PARK) WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") and the City of South Bend, Indiana, Redevelopment District (the "District"), exists and operates under the provisions of Indiana Code § 36-7-14, as amended (the "Act"); and WHEREAS, under the authority granted by Indiana Code § 36-7-14, et seq. and in furtherance of the Airport Economic Development Area Plan ("Plan"), the Commission has determined that it is appropriate to offer for sale 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, the Property has been appraised by two qualified, independent, professional real estate appraisers and a written and signed copy of their appraisals is contained in the Commission's files; and WHEREAS, each such appraisal has been reviewed by a qualified Redevelopment staff person and no corrections, revisions or additions were requested by such reviewer; and WHEREAS, the reviewer has prepared a written report which indicates that the appraisals are complete and consistent in the factual data contained therein, comply with existing statutory and regulatory requirements and are acceptable for the determination of fair use value of the Property. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, governing body of the City of South Bend Department of Redevelopment that: 1. Based upon such appraisals and the review thereof, the offering price of the Property described at Exhibit "A" is hereby established as stated therein and all documentation related to such determination is contained in the Commission's files. 2. Authorized agents of the Commission and the staff of the Commission are hereby authorized and directed to cause an offering sheet and related documents to be published in accordance with Indiana Code § 36-7-14-22. 3. The Commission will open and consider all offers submitted at 4:00 p.m. on February 8, 2011, or as soon thereafter as the business of the Commission shall permit. ADOPTED at a meeting of the South Bend Redevelopment Commission held on January 14, 2011, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT Signntru e Prin(ed ;14rnre and Title South Bend Redevelopment Commission ATTEST: Signnha e Printerl.l'nnre and Tile South Bend Redevelopment Commission EXHIBIT "A" RESOLUTION NO. 2817 Disposition Parcel Size 2.0 - 5.0 acre lots 5.1 - 10.0 acre lots 10.1 acre lots and larger Minimum Offering Price ~ Proposed Use Research and development facilities, education, industrial, office, prototyping $26,250 /acre ~I facilities, support uses or mixed use projects that are permitted within the Ignition Park PUD Zoning Ordinance $24,500 /acre ~~, Proposals must be compatible with Ignition Park guidelines and development standards as outlined in the Ignition Park $23,625 /acre ~ PUD Zoning Ordinance and with the provisions of the plan for the Airport Economic Development Area.