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Community & Economic Development
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: David Relos, Economic Development Planner &t
Subject: Resolution No. 3077
Date: October 11, 2012
Attached is Resolution No. 3077, which sets the fair market value for ten (10) former
HDC properties in Monroe Park, within the South Bend Central Development Area.
The proposed fair market value of the properties, as derived by two independent
appraisals, is found in "Exhibit A" in the attached resolution.
Staff requests approval of Resolution No. 3077.
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RESOLUTION NO. 3077
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR MARKET VALUE OF
PROPERTY IN THE SOUTH BEND CENTRAL 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
October 11, 2012, 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. 3077
Property
Size
Minimum Offering
Price
Proposed Use
514 Rush Street
1,056 ft2
$32,500
I I
018- 3030 -1127
Lot: 36' x 135'
518 Rush Street
Lot: 30.5'x 135'
$2,200
018- 3030 -1128
(V)
611 E. South Street
1,132 ft2
$24,500
Residential projects that
018 - 3030 - 1132
Lot: 55' x 107'
are permitted within the
"MF1" or "SF2"
613 E. South Street
792 ft2
$22,500
Residential District
018- 3030 -1135
Lot: 35'x 72'
zoning designation.
i
618 Lincolnway East
1,816 ft2
$28,000
i
018- 3030 -1119
Lot: 53'x 128'
Strong emphasis will be
placed during the review
process on compatibility
622 Lincolnway East
1,416 ft2
$20,000
with the goals and
018- 3030 -1133
Lot: 60' x 106'
objectives of the Monroe
Park Neighborhood and
626 Lincolnway East
1,938 ft2
$27,000
the South Bend Central
Development planning
018- 3030 -1134
Lot: 40'x 150'
area, with an added
preference for owner
636 Lincolnway East
Lot: 52' x 103'
$2,250
occupied single - family
018 - 3030 -1138
Avg Irreg. (V)
residences.
700 Block of South St
Lot: 40' x 62'
$1,600
018- 3030 - 1136
(V)
701 E. South Street
1,412 ft2
$22,250
018 - 3030 -1137
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Lot: 38' x 71'
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(V) = Vacant Lot