HomeMy WebLinkAboutNo. 0716 approving the fair re-use value of land and improvements to be constructed thereon in the Central Downtown Urban Renewal Arear: llk,
RESOLUTION NO. 716
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
to APPROVING THE FAIR RE -USE VALUE OF LAND AND
IMPROVEMENTS TO BE CONSTRUCTED THEREON IN THE
CENTRAL DOWNTOWN URBAN RENEWAL AREA
WHEREAS, the parcel of land with improvements to be
constructed thereon listed on the attached Exhibit "A" has been
appraised by two qualified, independent, professional real estate
appraisers and a written and signed copies of the appraisals are
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 and comply with existing statutory and
regulatory requirements; and
WHEREAS, the reviewer has prepared an addendum to the
written report which indicates additional bases for determination of
fair value of the land and improvements thereon, under the circum-
stances of this redevelopment activity.
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, the
review thereof, and the addendum thereto, the fair value for the
re -use indicated of the parcel and the improvements to be constructed
thereon, to wit, a parking garage, 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 Special Meeting of the South Bend
Redevelopment Commission held on the 31st day of August, 1984, in the
office of the Redevelopment Commission, Room 1200, County -City
Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT COMMISSION
ATTEST:
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Ce �X� X
Roman Piasecki, Assistant Secretary
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CENTRAL DOWNTOWN URBAN RENEWAL AREA RESOLUTION NO. 716
DISPOSITION PARCEL NO.
4 -42; 4 -43; and Part
of 4 -44; together with
a parking garage to be
constructed thereon,
with a total of
approximately one
hundred nine (109)
spaces, on two levels.
EXHIBIT "A"
APPROXIMATE
SQUARE FEET
OF LAND
26,574
RE -USE
VALUATION
Annual lease
payment:
$28,740;
Purchase
option:
$912,000 with
all lease
payments made
attributed to
purchase price.
s�
PROPOSED
RE -USE
Commercial:
Parking
Garage to
service a
development
project on
Courthouse
Square
TERMS AND CONDITIONS OF LEASE
WITH PURCHASE OPTION FOR PARKING GARAGE
1. Use of the parking garage must be directly connected with
a development project located on the Courthouse Square
block, bounded on the North by West Washington Street, on
the East by South Michigan Street, on the South by West
Jefferson Boulevard, and on the West by South Main Street.
2. The term of the lease shall be Forty (40) years.
3. The annual rental amount shall be not less than Twenty Eight
Thousand Seven Hundred Forty ($28,740.00) Dollars.
4. An option to purchase may be exercised any time within or at
the end of the lease term. The purchase price shall be not
less than Nine Hundred Twelve Thousand ($912,000.00) Dollars
with any payments made under the lease to be credited toward
the purchase price.
5. The upper level of the parking facility shall be left open
and available for public parking use, during times when not
required for parking use by the Lessee, and under terms and
conditions mutually approved by the Lessor and Lessee.
6. The garage will contain approximately one hundred nine (109)
parking spaces total, with about half of the spaces on each
of two levels.
7. All operation, repair, and maintenance responsibilities
shall be borne by the Lessee.
8. Construction of the garage will begin as soon as reasonably
possible after plans and specifications have been agreed
upon by the Commission and the Lessee. See Addendum II for
preliminary general specifications of the garage.
ADDENDUM I
PRELIMINARY GENERAL SPECIFICATOINS FOR PARKING GARAGE
TO BE CONSTRUCTED ON DISPOSITION PARCELS 4 -42, 4 -43,
AND PART OF 4 -44 IN THE CENTRAL DOWNTOWN URBAN RENEWAL AREA
1. It shall be a two -level structure. One level shall be grade, and
one level below grade.
2. There will be parking for approximately 109 automobiles.
3. The level below grade will be constructed of reinforced concrete
walls with waterproofing. The floor slab shall be 6 ".of concrete
on grade.
4. The ground level deck shall be constructed of 24" precast concrete
T's, with a 3" reinforced concrete topping and. ,sealed joints.
S. There will be one ramp for entering and leaving the facility.
6. The lower level may have a .storage room.
7. The lower level will be connected to the basement of the Teachers
Credit Union Facility.
8. There will not be any elevators or toilets in the facility. The
structure will not be heated.
9. There will be two (2) stairs constructed for emergency exiting from
the lower level. These stairs will be enclosed above grade with a
brick and block structure.
10. The ramp will be enclosed above grade with a brick and concrete block
structure. There will be skylights along the roof surface to allow
natural lighting to enter.
11. There will be two (2) card operated entrance gates located at the en-
trance to the ramps. These will control entering and exiting.
12. The access to the ramp will have an overhead door to enable the owner
to secure the lower level during non - working hours.
H
13. There will be a small brick and block control booth at the main •en-
trance off of Washington.
14. The upper level portion will have two (2) above grade light poles for
security of the parking area.
15. The level below grade will have surface - mounted light fixtures for
security. It will have an exhaust fan for ventilation. The ground
level and the lower level will have catch basins to collect water.
These will be connected to the City storm system.
ADDENDUM II