HomeMy WebLinkAboutNo. 1396 approving the fair re-use value of property in the SBCDA (Lot 2, Central High Associates Minor Subdivision)RESOLUTION NO. 1396
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 Regular Meeting of the South Bend Redevelopment Commission held on the
1st day of December, 1995, in Room 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
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RESOLUTION NO. 1396
EXEMBIT "A"
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g Lot 2, Central High Associates Minor Subdivision, Portage Township,
City of South Bend, St. Joseph County, Indiana
Disposition
Approximate
Re-Use
Parcel
Size
Valuation
Lot 2
98,725 sq. ft.
$299,000, structured
of Parcel
or
as a thirty (30) year
C25 - 12
2.27 acres
lease- purchase
Proposed Re-Use
Use of the land in connection
with the operation of the Central High
School Apartment project
IN