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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. 2856
Date: March 22, 2011
Attached is Resolution No. 2856 which sets the fair market value for the property referred to
as the 1 st Source Development Parcel. The property is located at 122 South Niles Avenue
and is comprised of tax parcels #018 - 5010 -0285, #018 -5010 -0286, #018 - 5010 -0287, #018-
5010 -0288, #018- 5010 -0290, #018- 5010 -0291, #018- 5010 -0292 and #018- 5010 -0293. The
entire property is 1.266 acres in size. The property is zoned "CBD" or Central Business
District.
The proposed fair market value of the property as derived at by two independent MAI
appraisals is $339,500.00.
Staff requests approval of Resolution No. 2856.
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RESOLUTION NO. 2856
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. 2856
Property
Size
Minimum Offering
Price
Proposed Use
1st Source Bank
Site
$339,500
Commercial - retail,
Development Parcel
1.266 Acres
commercial -office or
mixed use projects that
122 South Niles Avenue
are permitted within the
018- 5010 -0285
"CBD" Central
018 - 5010 -0286
Business District
018- 5010 -0287
zoning designation.
016- 5010 -0266
018- 5010 -0290
Strong emphasis will
018 - 5010 -0291
be placed during the
018 - 5010 -0292
review process on
018- 5010 -0293
compatibility with the
goals and objectives of
Downtown South Bend
and the South Bend
Central Development
planning area and to
projects that
incorporate a plan to
provide sufficient
parking for the project
and surrounding area.