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Community & Economic Development r
�s
1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021
To: South Bend Redevelopment Commission
From: Matthew Sikora, Economic Development Planner �s
Subject: Resolution No. 2959
Date: November 22, 2011
Attached is Resolution No. 2959, which sets the fair market value for property located at
401 North Bendix. The entire property is 29.46 acres in size and is zoned "LI" or Light
Industrial.
The proposed fair market value of the property as listed on the attached resolution was
derived by averaging two independent MAI appraisals.
Staff requests approval of Resolution No. 2959.
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RESOLUTION NO. 2959
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR MARKET VALUE OF
PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA.
WHEREAS, the property identified at Exhibit "A" attached hereto and
incorporated herein 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's files; and
WHEREAS, each such appraisal has been reviewed by a qualified
Redevelopment staff person and no corrections, revisions, or additions were requested
by such reviewer; 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 market 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 offering price of the
property described at Exhibit "A" is hereby established as stated therein and all
documentation related to such determination is contained in the Commission's files.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
November 22, 2011, at 1308 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
ATTEST:
EXHIBIT "A"
RESOLUTION NO. 2959
Property
Size
Minimum Offering
Price
Proposed Use
Lease
Plant 100
$1.63 /ft2 (triple net)
25.90 acres
Sale
j
$1,532,500
401 N. Bendix
Lease
Any use that is
Plant 9
$1.73 / ft2 (triple net)
permitted within the
"LI"
18- 2040 -1387 3.56 acres
Sale
Light Industrial
District zoning
18- 2040 - 138703
$462,500
designation.
Lease
Total Site
$1.60 /ft2 (triple net)
29.46 acres
Sale
$1,967,500