HomeMy WebLinkAboutNo. 1664 approving the fair re-use value of property in the SBCDA (SW Corner of Michigan & Washington)RESOLUTION NO. 1664
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR RE -USE VALUE OF
PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, the property listed on 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 review; 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 based upon such appraisals and the review thereof, the fair value for 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 Special Meeting of the South Bend Redevelopment Commission held on the 8th day of January 1999 in Room
1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT COMMISSION
Robert W. Hunt , President
ATTEST:
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RESOLUTION NO. 1664
Exhibit "A"
Offering Sheet
Disposition
Panel
Minimum Proposed
Panel Iize Purchase Price Be -use
Part of C4 -42 21,945 sf. $215,000 Commercial
SW Corner of Michigan
and Washington
N
Bid Specifications
Part of Parcel C442
Southwest Corner of Washington and Michigan
The following are bid specifications that will be included in the public offering of the
above parcels. They reflect the Redevelopment Commission's planning and urban design
principles for the South Bend Central Development Area.
1. All of the provisions of I.C. 36- 7 -14 -22 will apply to the bidding process.
2. All offers must meet the minimum price of $215,000.
3. This offering is subject to rights of Teachers Credit Union ( "Lessee ") as set forth
in the Agreement for Lease With Purchase Option Between Teachers Credit
Union and City of South Bend Department of Redevelopment ( "Lessor ") dated
October 12, 1984, and the First Amendment to Agreement for Lease Between
Teachers Credit Union and City of South Bend Department of Redevelopment
dated November 17, 1986 (collectively the Lease). The Lease obligates the
Lessor to construct and lease to Teachers Credit Union a 109 space parking
garage. The Lessor's net contractural obligation to the Lessee has been valued at
not less than $1,000,000.00. These documents are available for review at the
offices of the Redevelopment Commission located at 1200 County -City Building,
227 W. Jefferson Boulevard, South Bend, Indiana 46601.
4. This offering is subject to reservation of a public access and non - buildable
easement as shown on the attached survey.
5. This offering is also subject to an easement with Teachers Credit Union for access
to its loading dock.
6. Any development must make full use of the site.
7. All provisions of the South Bend Central Development Area Development Plan
and Design Guidelines must be met.
8. All provisions of the South Bend Municipal Code must be met.
9. Any development must further the overall development of the block as outlined in
the Development Plan.
The following are design considerations that will be included in the public offering for
the above parcels of land. They reflect the Redevelopment Commission's planning and urban
design principles for parcels located in the South Bend Central Development Area. They are not
requirements of the bid specifications, but each proposal will be evaluated by the Commission
with particular consideration given to how these items are addressed.
1. Zero setback requirement.
2. The architectural design of the development should be sensitive to the height,
layout and materials of surrounding structures.
3. No outdoor advertising sign (off - premise sign) shall be located on this parcel and
this will be included as a restrictive covenant in the deed.
4. It is the Redevelopment Commission's preference to see the project design
incorporate well landscaped areas.
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The Redevelopment Commission prefers to see the project maintain pedestrian
access between Main Street and Michigan Street.
The Redevelopment Commission will judge any proposal based upon the following
criteria and reserves the right to reject any and all bids:
The amount of the purchase price.
2. Conformance of the project to the bid specifications.
3. The size and quality of the proposed development.
4. The developer's response to the design considerations.
5. The ability and the past performance of the bidder.
6. The proposed timetable for commencing and completing construction.
7. The Redevelopment Commission will consider various development options
consisting of a combination of the following items: building (project ?) size and
design, construction start date and finish date, full or partial purchase price, full or
staged take down of site, immediate or delayed use of the site, and immediate or
delayed conveyance of the deed.
If no offer is accepted, the Redevelopment Commission may dispose of the real property
either at public sale or by private negotiation. For a period of thirty (30) days after the opening
of the written offers, no sale may be made at a price less than the minimum offering prices.
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