HomeMy WebLinkAbout6C (2)C c z�
me m •
o
Community & Economic Development
1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Bosch site disposition process completed
No bids received
Date: March 13, 2012
On November 22, 2011, the Commission approved Resolution No. 2959, approving the fair
market value of the Bosch site at 401 N. Bendix Drive. Based on two independent
commercial appraisals, this unique property was valued to determine both its sales and
lease value.
Additionally, the property was valued three different ways: as a total site, only the main
building and land (Plant 100), and only the smaller engineering building property and land
(Plant 9). The values arrived at were:
• Total site (29.46 acres)
• sale price $1,967,500
• triple net lease $1.60 / square foot
• Plant 100 (25.90 acres)
• sale price $1,532,500
• triple net lease $1.63 / square foot
• Plant 9 (3.56 acres)
o sale price $462,500
o triple net lease $1.73 / square foot.
Also approved on November 22, 2011 was the authorization to publish the Notice of
Intended Disposition of Property (Notice), with publication dates of December 2 and
December 9, 2011. The Notice was published on those dates, and December 27, 2011
was set as the date bids were to be opened.
This report is to recognize the property received no bids, and because of that, December
27, 2011 began the 30 day period during which no negotiated deals could occur. Since the
30 day period is now over, a negotiated deal could be considered for this property.
What We Do Today Makes A Difference!