HomeMy WebLinkAboutNo. 1148 approving the fair re-use and lease/purchase value of land in the Blackthorn Corporate Center, AEDARESOLUTION NO. 1148
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING THE FAIR RE -USE AND LEASE /PURCHASE VALUE OF LAND IN
THE BLACKTHORN CORPORATE CENTER,
A PART OF THE AIRPORT ECONOMIC 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 the appraisal 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 reported 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 Re -use and the Lease /Purchase Value of
the property indicated on 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 19th day of March, 1993, in
Room 1308, County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
i
Paula N. Auburn, President
ATTEST:
Theo Sharp, ecretary
DISPOSITION
PARCEL NO.
Lot 1
Lot 2
Lot 4
RESOLUTION NO. 1148
EXHIBIT "A"
BLACKTHORN CORPORATE CENTER
APPROXIMATE
SIZE
63.129 acres
14.690 acres
91.190 acres
* *Terms for Lease /Purchase
RE -USE
VALUATION
$40,000 /acre
$40,000 /acre
$40,000 /acre
LEASE /PURCHASE
ANNUAL PAYMENT **
$3,772 /acre
$3,772 /acre
$3,772 /acre
1. A prepaid ground lease with $1.00 option to purchase at
the end of the lease. Terms would be pre - payment of the
Fair Re -use Value ($40,000 /acre) of the fee simple
interest in the property at the beginning of the lease and
a $1.00 option payment at the end of the 20 year lease
term as considered for transfer of title to the property.
-or-
2. A self amortizing 20 year ground lease with a $1.00 option
to purchase at the end of the lease. Terms as follows:
Annual payment: $3,772 /acre
Total payments: $75,440 /acre
PROPOSED RE -USE
Corporate Office
Support Office /Research
General Business