HomeMy WebLinkAboutNo. 1969 approving the fair re-use value of property in the SEDARESOLUTION NO. 1969
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR RE -USE VALUE OF
PROPERTY IN THE SAMPLE EWING DEVELOPMENT AREA.
WHEREAS, the property listed in the attached Exhibit "A" 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 files; and
WHEREAS, each such appraisal has been reviewed by qualified Redevelopment staff
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
value.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, Governing body of the City of South Bend Department of Redevelopment, that
L based upon such appraisals and the review thereof, the fair value of the re -use indicated of the
property listed in Exhibit "A ", attached hereto and made a part hereof, is established as shown
thereon and all documentation related to such determination is contained in the Commission
files.
Adopted at the Regular Meeting of the South Bend Redevelopment Commission held on
April 4, 2003, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
ATTEST:
i
ATTACHMENT "A"
RESOLUTION NO. 1969
Parcel Size
Minimum Purchase
Price
Proposed Re -Use
Interior parcels larger than 5 acres
$20,500.00 /acre
Industrial
Interior parcels 5 acres or less
$23,000.00 /acre
Industrial
Parcels fronting on Chapin Street
$25,500.00 /acre
Industrial
The existing boilerhouse located on
the Oliver site does not have any
contributing value due to its
deteriorated condition.
Buildings 46 and 47 located at the
western edge of the site are part of a
National Historic District. They do
not have any contributing value due
to their deteriorated condition