HomeMy WebLinkAbout6B(1) Resolution No. 2853o r a n d u rn SpUTH B�
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Community & Economic Development r_
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
Subject: Resolution No. 2853
Date: March 22, 2011
Attached is Resolution No. 2853 which sets the fair market value for the property referred to
as the Former College Football Hall of Fame. The property is located at 111 South St.
Joseph Street and is designated as tax parcel 18- 3091 - 347405. The property is + 56,992
SF in size and sits on approximately 1.4786 acres. The property is zoned "GB" or General
Business.
The proposed fair market value of the property as derived at by the average of two
independent MAI appraisals is $2,687,500.
Staff requests approval of Resolution No. 2853.
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RESOLUTION NO. 2853
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR MARKET VALUE OF
PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA.
WHEREAS, the property identified at Exhibit "A" attached hereto and incorporated
herein 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
market 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 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.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on March
22, 2011, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana
46601.
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
South Bend Redevelopment Commission
ATTEST:
South Bend Redevelopment Commission
EXHIBIT "A"
RESOLUTION NO. 2853
Property
Size
Minimum Offering
Price
Proposed Re -Use
Former College Football
Site
$ 2,687,500
Commercial - retail,
Hall of Fame
194' x 332'
commercial -office or
1.4786 Acres
mixed use projects that
are permitted within the
111 South St. Joseph Street
"CBD" Central
018- 3091 - 347405
Building
Business District
±56,992 SF
zoning designation.
Strong emphasis will
be placed during the
review process on
compatibility with the
goals and objectives of
Downtown South Bend
and the South Bend
Central Development
planning area