HomeMy WebLinkAboutNo. 2228 amending the NNDA development plan (Kay Equipment & Supply Company, Inc.)«4
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RESOLUTION i,TO. 2228
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING THE FAIR MARKET VALUE OF PROPERTY IN THE SOUTH
BEND CENTRAL DEVELOPMENT AREA
WHEREAS, the property listed on attached "Exhibit A" 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 qualified Redevelopment staff
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 value.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, Governing body of the City of South Bend Department of Redevelopment,
• that based upon such appraisals and the review thereof, the fair value for the re -use
indicated of the property listed in "Exhibit A ", attached hereto and made apart hereof, is
established as shown thereon and all documentation related to such determination is
contained in the Commission files.
Adopted at the regular meeting of the South Bend Redevelopment Commission held on
the 17th day of February, 2006 in Room 1308 of the County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
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City of South Bend, Indiana
Redevelopment Commission
Marcia I. Jones, President
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Offering Sheet
Parcel
Size
Minimum Purchase
Price
Proposed Use
Ground Rights and Real
±0.58 Acres
$ 23,250.00
Parking and Retail
Estate Interest in Site at 121
Facility, including all
South St. Joseph Street,
necessary access and
supporting and subject to the
supporting easements
use of the air rights as a 150-
for the residential
175 unit residential
condominium /hotel
condominium /hotel
development to be
development, and subject to
constructed above.
any rights reserved by the
Commission.
Parcel C4 -89
If the developer is unable or unwilling to provide for Project's full completion or in the event the
developer determines that it is unable to secure sufficient useage of the Project such that it
becomes unlikely to maintain private ownership of the Project, the developer agrees it will
provide the Commission with a repurchase right to ensure continued operation of the Project
which repurchase right shall permit the Commission to repurchase, in whole or in part, the
ground rights and real estate and the Project located thereon at fair market value (determined by
the average of two (2) appraisals performed on behalf of the Commission at that time), which
repurchased rights may be subject to a lease to the developer.
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EXHIBIT "A'
Resolution No. 2228
Legal Description
Land Description for 121 South St. Joseph Street
Parcel C 4 -89
Lots Numbered Thirty -Eight (38), Thirty -Nine (39) and Forty (40) as shown on
the recorded Original Plat of the Town, now City of South Bend recorded March
28, 1831 in Plat Book "A," page 13 in the Office of the Recorder of St. Joseph
County, Indiana.
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