HomeMy WebLinkAboutNo. 0996 approving the fair lease purchase value for the re-use of land in the SBCDARESOLUTION NO. 996
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING THE FAIR LEASE PURCHASE VALUE
FOR THE RE -USE OF LAND 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 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 Lease Purchase Value over a term of
twenty -one (21) years for the re -use 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 10th day of May, 1991, in the
Office of the Redevelopment Commission, Room 1200, County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
Michael Donoho, Secretary
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SOUTH BEND REDEVELOPMENT COMMISSION
Paula N. Auburn, President
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DISPOSITION
PARCEL NO.
M2- 13,M2 -14,
M2- 15,M2 -16,
M2- 17,M2 -18
M9- 1,M9 -2,
M9- 3,M9 -4,
M9- 5,M9 -6,
M9- 7,M9 -8,
M9- 9,M9 -10,
M9- 11,M9 -12,
M9- 13,M9 -14,
M9- 16,M9 -17,
M9 -18
RESOLUTION NO. 996
EXHIBIT "A"
APPROXIMATE
SIZE
21,780 S.F.
98,906 S.F.
LEASE PURCHASE
RE -USE VALUATION
$1,302 /YEAR
FOR 21 YEARS
$5,879 /YEAR
FOR 21 YEARS
PROPOSED
RE -USE
RESIDENTIAL
RESIDENTIAL