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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/ -
Subject:
Resolution No. 3103
Date:
November 08, 2012
Attached is Resolution No. 3103, which sets the fair market value for 325 - 333 S.
Lafayette Blvd. (former Schilling's Camera), within the South Bend Central Development
Area.
The proposed fair market value of the property, as derived by two independent
appraisals, is found in "Exhibit A" in the attached resolution.
Staff requests approval of Resolution No. 3103.
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RESOLUTION NO. 3103
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
November 08, 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. 3103
Property I Size Minimum Offering
Price
325 — 333 S. Lafayette Lot: Sales Price:
Blvd. 198'x 165' $277,500
018 - 3009 -0308, 0311 Building: Lease Price (NNN):
17,565 Sq Ft $3.43 Sq Ft
Proposed Use
Projects that are
permitted within the
"CBD" District zoning
designation.
Strong emphasis will be
placed during the review
process on compatibility
with the goals and
objectives of the South
Bend Central
Development Area and
Coveleski Neighborhood
planning areas, with an
added preference for
development that
compliments and
enhances the
surrounding businesses
and neighborhood.