HomeMy WebLinkAboutNo. 1316 approving the fair re-use value of property in the SBCDA (602 S. Michigan St.)RESOLUTION NO. 1316
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 4th day of January, 1995, in Room 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT COMMISSION
ATTEST:
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ML:Res1316
Resolution No. 1316
Attachment " A
MINIMUM OFFERING PRICE
602 S. MICHIGAN ST.
SOUTH BEND, INDIANA
PARCEL A
Mon "hl Lease Rate QptLion Time Qpfion Purchase Price
$ 1,467.75 Long-temi $ 1.00
1,467.75 Short-tenn 180,060.23
PARCEL B
Aknthly Lease Rate -ion Time tion Purchase Price
$ 336.87 Long-temi $ 1.00
336.87 Short-terin 43,985.43
PARCEL C
Mon "hl Lease Rate Qption Time QptLion Purchase Price
$ 188.50 Long-tenn $ 1.00
188.50 Short-terin 24,510.19
TOTAL PARCELS A, B & C
Aft MgnLhl
y Lease Rate Qption Time QptLion Purchase
$ 1,993.12 Long-tenn $ 1.00
1 �993.12 Short-term 248,555.85