HomeMy WebLinkAboutNo. 1116 approving the fair re-use value of property in the Toll Road Industrial ParkRESOLUTION NO. 1116
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR RE -USE VALUE OF
PROPERTY IN THE TOLL ROAD INDUSTRIAL PARK
WHEREAS, the property listed on the attached Exhibit "All 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
Lil 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 December, 1992, in Room 1308
County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
ATTEST:
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Michael Donoho, Secretary
ML:Res1116
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CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT COMMISSION
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Paula N. Auburn, President
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RESOLUTION NO. 1116
EXHIBIT "A"
PARCELS IN THE TOLL ROAD INDUSTRUAL PARK
PRE -PAID
APPROXIMATE 20 -YEAR LEASE/
SQUARE FEET LEASE /PURCHASE PURCHASE PROPOSED
PARCEL NO. OF SITE VALUATION OR SALE VALUATION RE -USE
Lot 5
Lot 11
2.36 Acres
3.72 Acres
$42,250
$54,800
Annual pay-
ments of
$3,833.14
for 20 years
with balloon
payment of
$1.00 at
end of 20
year period.
Annual pay-
ments of
$4,962.92
for 20 years
with balloon
payment of
$1.00 at
end of 20
year period.
Industrial
Industrial
PRE -PAID
APPROXIMATE 20 -YEAR LEASE/
SQUARE FEET LEASE /PURCHASE PURCHASE PROPOSED
PARCEL NO. OF SITE VALUATION VALUATION RE -USE
Lot 15
Lot 18B-
North
(Split)
ML:Res1116
14.56 Acres
24.15 Acres
$112,200
$191,600
Annual pay-
ments of
$10,156.07
for 20 years
with balloon
payment of
$1.00 at
end of 20
year period.
Annual pay-
ments of
$17,345.64
for 20 years
with balloon
payment of
$1.00 at
end of 20
year period.
Industrial
Industrial