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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 L
From: Matthew Sikora, Economic Development Planner 7
Subject: Resolution No. 2902
Date: June 28, 2011
Attached is Resolution No. 2902, which sets the fair market value for five residential
properties located in the Monroe Park Neighborhood, within the South Bend Central
Development Area. Property addresses and tax identification information can be found
in "Exhibit A" within the attached resolution. All five properties are zoned either "SF1" or
"SF2" Residential District zoning designation.
The proposed fair market value of the property as derived at by two independent MAI
appraisals is also found in "Exhibit A" in the attached resolution.
Staff requests approval of Resolution No. 2902.
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RESOLUTION NO. 2902
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
June 28, 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. 2902
Property
Size
Minimum Offering
Price
proposed Use
609 Columbia Street
1,144 ft2 (S)
$15,500
018 - 3026- 093901
Lot: 58'x 46'
Residential projects that
are permitted within the
"SF1" and "SF2"
628 Rush Street
1,344 ft2 (S)
$17,500
Residential District
018 - 3031 -1183
Lot: 41'x 51'
zoning designation.
310 E. South Street
1,446 ft2 (S)
$25,000
Strong emphasis will be
018- 3026 -0936
Lot: 42' x 116'
placed during the review
process on compatibility
with the goals and
objectives of the Monroe
602 Carroll Street
1,823 ft2 (D)
$27,000
Park Neighborhood and
018 - 3026 -0934
Lot: 54' x 100'
the South Bend Central
Development planning
area, with an added
preference for single -
620 Columbia Street
1,174 ft2 (D)
$17,000
family structures.
018 - 3026 -0962
Lot: 40'x 153'
(S) = Single- family unit (D) = Duplex