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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: Redevelopment Commission
From: Matthew Sikora, Economic Development Planner �S
Subject: Professional Services Agreements — R.E. Pitts & Associates and David
Waszak Appraisals, Inc.
Date: June 28, 2011
The attached Professional Services Agreements are proposals from R.E. Pitts & Associates
and David Waszak Appraisals, Inc. for conducting a disposition appraisal on Bosch Braking
Systems, Inc. (401 N. Bendix Drive), property currently owned by the Redevelopment
Commission and located in the Airport Economic Development Area.
A request for proposals was sent to area MAI- certified appraisers on June 7, 2011. The
attached proposals represent the two lowest -cost bids submitted, for $6540 and $8700
respectively.
Staff requests approval of these Professional Services Agreements in the amounts of
$6540 and $8700 to allow for the appraisal of this property.
What We Do Today Makes A Difference!
R. E. PITTS & ASSOCIATES, INC.
Real Estate Appraisers • Consultants
Mr. Mathew Sikora, Economic Development Planner June 16, 2011
South Bend Department of Community & Economic Development
227 West Jefferson Blvd., Suite 1200S
South Bend, IN 46601 -1830
Re Appraisal Proposal, Bosch Braking Systems, South Bend, IN:
401 N. Bendix Drive: 242,000 SF Office /Manufacturing/Warehouse; 9.91 Acres +/-
2721 W. Kenwood Street: 78,000 SF Office /Engineering/Laboratory; 5.2 Acres +/-
Dear Mr. Sikora:
Pursuant to your request, I hereby submit a proposal for appraisal services for the above referenced
subject property. The appraisal shall be prepared for and is for the use of the client and its
appropriate authorities and /or representatives. The purpose of the appraisal is to estimate the Market
Value of the Fee Simple Interest in the subject property "As -Is" as separate facilities as referenced
above, and "As -Is" as a combined facility. In this assignment, the appraiser will consider all
recognized approaches to value and directly apply the most applicable approaches (Sales
Comparison and Income Approach will be developed). The effective valuation date of the appraisal
will be the date of inspection of the property by the undersigned appraiser. The appraisal will be
reported in Summary Narrative format and will conform to the reporting requirements of Standards
Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice (USPAP).
The completion date for the assignment is estimated to be within 30 -45 days from acceptance of this
proposal and receipt of any relevant documentation needed for preparation of the reports in a timely
manner. I will furnish (2) original copies of the appraisal report. The total fee for this assignment
shall be $6,450 which will be invoiced and shall be due upon completion of the appraisal report.
Sincerely,
R.E. PITTS & ASSOCIATES, INC.
oz, co
Rick Pitts, MAI
Indiana Certified General Appraiser, License #CG69100722
Engagement Letter Accepted:
Date
Signature
Rick Pitts, MAI
50580 Woodbury Way • Granger, IN 46530
574
-272 -3224• Fax: 574-272-3224
MAI .
PittsMAI@at)l.com
Date
DAVID WASZAK
APPRAISALS,
INC.
Dave Waszak, MAI
Indiana Certified General Appraiser
CG- 69100721
Michigan Certified General Appraiser
1200100836
June 10, 2011
Bill Shalliol and Matthew Sikora
Economic Development Planners
South Bend, Indiana
Re: 401 N. BENDIX DRIVE
South Bend IN
Tax ID: ( EACH BUILDING TO BE APPRAISED SEPARATELY AND UNDER FOLLOWING CRITERIA:)
We are pleased to quote the following:
1. Appraisal amount for the large warehouse /former production building -- lease and sale
2. Appraisal amount for the detached engineering building -- lease and sale
3. Appraisal amount for both facilities combined -- lease and sale
Price: $2900 EACH APPRAISAL — 8 7-00
Delivery: 3-4 weeks from engagement
Thank you for your consideration,
bii, ,v -' /�/� < -,- , "/,/
Dave Waszak, MAI
P.O. Box 6373 South Bend, Indiana 46660
574 - 307 -0224
Niles, Michigan
269 -683 -8233
fax 269 - 683 -8233
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