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Community & Economic Development
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. 2897
Date: June 14, 2011
Attached is Resolution No. 2897, which sets the fair market value for property referred to as
the former Millennium Environmental, Inc. The property is located at 604 S. Scott Street
and has a tax ID of #018 - 3043 -1655. The entire property is 2.6 acres in size and is zoned
"Gl" or General Industrial.
The proposed fair market value of the property as derived at by two independent MAI
appraisals is $42,500.
Staff requests approval of Resolution No. 2897.
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RESOLUTION NO. 2897
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR MARKET VALUE OF
PROPERTY IN THE AIRPORT ECONOMIC 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
June 14, 2011, at 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
ATTEST:
EXHIBIT "A"
RESOLUTION NO. 2897
Property
Size
Minimum Offering
Price
proposed Use
Any use that is
permitted within the
Former Millennium
"GI" General
Environmental, Inc.
Site
Industrial District
zoning designation.
2.6 Acres
$42,500
604 S. Scott Street
018 - 3043 -1655
Preference will be
given to those uses
that are related to
information
technology and
capitalize on the
transcontinental fiber
optic network that is
adjacent to the site.