HomeMy WebLinkAbout#1413- Deed; EASEMENT From Erskine Plaza Associates to City of South Bend (3 of 3)1413
Easement
From Erskine Plaza Vssociates
To City of South Bend
High Street & Bowen Street
See Descriptions
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B. David Funfingt®n & Associates, Inc.
Real Estate Invest
] 520 North Main Street o M°fS Analysts
ishawaka, Indiana 46545 o
June 11, 1987
Ms- Sandra Parmerlee, Clerk
Board of Public Works
City of South Bend
1300 County -City Building
South Bend, IN 46601
2191255-2130
RE: Bowen Street Retention Basin - Part Sold to Erskine Associates.
Dear Ms. Parmerlee:
At your request, I have performed an appraisal of the that parcel of and land
located near Miami Street and Ireland Road in the City of South Bend, St. Joseph
County, Indiana, Down commonly as part of the Bowen Street Retention Basin.
The attached report is a presentation of my findings and my opinion of the
market value of the fee simple interest in the property as of May 14, 1987.
The report is based upon my personal field inspection of the property and
information taken from local assessment and other records. The value estimate
reported is subject to the Assumptions and Limiting Conditions set forth in this
report and is prepared in consistence with normal appraisal practice using
varying approaches to valuation. The value derived herein is further condi-
tioned upon the general conformance of the real estate as specified herein.
By reason of this investigation and by virtue of my experience and a complete
and diverse analysis of market factors affecting the value of the subject, I
hold the opinion that the market value of the fee simple interest in the subject
as of June 1, 1987 was:
Eleven Thousand Dollars . . . . . . . . . . . . ($11,000.00)
Should you wish to discuss any particulars relative to this appraisal, or should
You have any comments on the contents, please do not hesitate to contact me.
Sincerely,
B. D VIDTHUNT N & ASSOCIATES, INC.
Bruce D. n t Pres
J ,
Investment Analysis Feasibility Studies Market Analysis pyole.ct Planning
PURPOSE OF TAM APPRAISAL
The p? rpose of this appraisal is to estiri?ate the market value of the subject
property in the prevailing local real estate max et. The :fair market value
is defined as being, "the highest price in terms of money -that a property will
bring if eased for sale on the open market, alloying a reasonable time to
find a piurchaser who buys with knowledge of all uses to which it is adapted
and fo,.- which it is capable of being t�ed,
PROPERTY RIGHTS ApPRAISEO
The property rights appraised in this analysis are all those accruing to
the fee simple ownership.
MARKET VALUE DEFIT}F_,L)
Market value presumes the existence of compatitive market conditions. There
must be several informed buyers and sellers competing with one another to
provide alternatives to other market participants. These 'buyers and sellers
are further presumed to act "rationally" on the basis of information they
Possess. Market value is necessarily stated in terms of highest and best
use.
A reason -able turnover or marketing period must be allowed for the transaction
to take place. There must be no undue time pressure on either buyer or seller.
In brief, market value can be regarded as the price that a willing buyer will
pay and a willing seller will accept, each acting rationally on the basis of
available market information, under no duress with no fraud or collusion
present. In its essence, market value reflects value given in exchange for
interest in real estate.
HIGHEST AND BEST USE
The ultimate objective of appraisal analysis is to develop a conclusion as to
the highest and best use (or most probable use) of the site and of the iirmraved
property. The highest and best use is defined as that use which is most likely
to produce the greatest net return for the land and/or improved property over
a given period of time. Only those uses which are natural, probable, legally
permissible (unless a strong likelihood of change is evident) and reasonably
in demand are considered in the assessment of highest and best use.
Highest and best use can change over time as external market forces change,
Accordingly, the appraiser imast consider not only the suitability of the site
or improvements for their existing or proposed use, but its suitability for
alternative uses not specific to the appraisal assignment as well.
For property valuation purposes, the applicable highest and best use considered
here is that of the improved property including the retention and use of the
existing improvements. Typically, the present use of improved
property
presumed to be .its highest and hest use unless it can be readi ydeemonstrted
that change is imminent through the impact of market demand or Iegal (land use a
controls) forces.
APPROACHES TO VALUE
There are three generally accepted approaches to the valuation of real estate.
These are the Cost of Replacement Approach, the Market Data Approach, and the
Income Approach. As a means to determining value for a property, the appraiser
utilizes each of these methods if appropriate to the subject of the appraisal..
After each approach has been developed, their aggregate indications are analyzed
and a final or correlated value is determined based upon the values derived from
each method. A brief summary of these three methods of valuation follows.
COST APPROACH
The Cost Approach to Value consists of estimating the reproduction cost of the
improvements as though they were new and depreciating that value to reflect
their current physical condition, locational considerations and obsolescence
caused by factors in the marketplace. To this figure is added the value of the
land as though it were unimproved. This method assumes that a duplicate of the
existing improvement would be constructed at prevailing construction costs using
the same materials, construction standards, design, layout and quality of %ork-
manship.
In measuring accrued depreciation, the appraiser is interested in identifying
and measuring the loss in utility experienced by the subject in its present
condition as compared to the utility it would offer as a completely new facility
representing the highest and best use of the site. Physical deterioration is
evidenced by the presence of excessive wear and tear, dry rot, cracks, en-
crustations, infestation and concomitant structural defects. Functional obsole-
scence refers to diminution of value derived from inadequate design, layout,
utility and related factors. It is evidenced by conditions and factors inherent
to the improvements. Economic obsolescence, on the other hand, is the effect of
factors external to the property such as the availability of newer or more
competitive or excessive space in the comparable marketplace.
MARKET DATA APPROACH
The Market Data Approach is based upon the proposition that an informed pur-
chaser would pay no more for a property than the cost to him of acquiring an
existing property having the same utility. In effect, the value of a property
is governed by the prices generally obtained from the sale of similar proper-
ties. In this method, coam»on units of comparison are developed from sales data
histories of properties sold and this common basis of reference is compared to
the subject of the appraisal.
r The essential process of the Market Data Approach is to convert actual, verif i-
able sales prices of comparable properties to a defined value estimate of the
subject. This process involves the investigation of the local market anti the
extraction of general indications of value from market activities and the sub-
jective application of those values and indications to the subject.
INCUvE APPROACH
The Income Approach is a means of estimating the value of a property by
consi-dering the future benefits to be derived Fran the ownership thereof. When the
anticipated future benefits are in the form of money income, the relationship
between that moijey income and the market prices of cottrpai_ing propp:c-ties or
alternative investments can be measured, it js P�oressed as a ratio or rate
representing a return on investtnent.
This rate is also referred to as the "capitalisation. rate" which is used to
value the stream of net inane through the process of capitalization. This
process attefnpts to assess the relationship between the risks inherent in the
awnersh.ip of -the proparty anal the income it i s capab.ie of generating.
APPRAISAL AND PROPERTY TYPE
As set forth in the foregoing, there are three basic approaches to determining
the value of real property. Similarly, there are also three general property
types each of which lends itself to valuation by one or more of the approaches
outlined above. Investment properties are oaiened primarily for the benefits de-
rived frcml the income and tax consequences they generate. Such properties are
best analyzed using financial modeling and analysis tools which act to value the
future benefits of the income thus produced. This method is frequently supple-
mented by applying Cost or Comparative Market approaches when appropriate.
However, the principal emphasis in the appraisal process is upon the valuation
of the income stream.
Marketable noninvestment properties are typically held for the personal use of
the owr_er and include such e.>=ples as homes, land, retail facilities used for
private businesses and similar properties. These are best valued through the
use of the Comparative Approach, supplemented, where possible, by the Cost
Approach.
Service Properties are designed and best utilized for a specific purpose (i.e.
operating industrial plants, warehouse facilities, church, school and other
institutional uses), appraised on the basis of the continuation of the present
use, considered to be its highest and best use. Typically, the Cost Approach is
the most appropriate valuation method used but is frequently augmented by the
other available approaches whenever possible.
The appraiser's responsibility to his assignment is to derive a reasonable
opinion of value from the data that is available to him. Accordingly, whenever
Possible, the appraiser will apply two or more of the above methods in order to
substantiate his estimate of value for the appraisal subject.
In the particular instance of the subject of this appraisal, the cost approach
is relied upon extensively to derive an approximation of value and is supple-
mented by analysis of potential net income in the event the subject were leased.
Scare information regarding ccmparable land and building sales is provided from
an appraisal prepared in January, 1987, by William Miller. This appraiser has
adapted these camparable sales directly and has relied upon the data presented
with regard to accuracy. No effort at verification has been undertaken.
APPRAISAf, ASSIGNMENT
The appraisal assignment given to the appraiser is to establish a fair market
value for a parcel of property containing 1.14 acres, more or less, taken off of
and from a larger parcel which is owned by the City of South Bend and which is
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located south of Ireland Road and west of Miami. Street in the City of South
Bend the present use of which is as a storm voter runoff retention basin.
DESCRIPTION OF FMIRE pROPERTy
The entire parcel of property owned by the City of South Bend at this location
comprises the Bowen Street Storm Water Retention Basin which provides the tem-
porary storage for storm water runoff from the commercial development area
extending from the east and west of the subject property. These areas include
particularly the Broadmoor Shopping Center, Scottsdale Mall, all street and
roadway runoff and the commercial areas located south of Bowen Street as well as
those fronting immediately on Ireland Road north of the subject.
The property, in its present form, exists as a result of extensive excavation
work undertaken in part during the time the Scottsdale Mall was constructed
when this particular basin was cut in order to provide fill material for the
mall area.
The lowest part of this parcel which appears to lie in a plane with the sur-
rounding land but at a level, more or less, 15 to 20 feet below grade is located
at the east end of the parcel with elevations increasing to the west. Storm
water runoff is dumped to this site by a storm sewer at the east end of the
property and heavy rains predominately fill this parcel, particularly at the
east end to a depth of 8 to 10 inches before evaporation and percolation occur.
At the time of inspection, for purposes of this appraisal, approximately 8
inches of water lay in various areas of the basin.
The legal description for this large parcel and the adjoining easement is as
follows:
A parcel of land being a part of the southeast quarter of
Section, 25, Township 37 North, Range 2 East, City of South
Bend, Centre Township, St. Joseph County, Indiana, being
more particular as described as follows:
Beginning at a point 350.00 feet south of the Northeast
corner, Section 25, Township 37 north, Range 2 east; thence
west 450.00 feet parallel to the North line of said
Southeast Quarter; thence North 119.55 feet parallel to the
East line of the said Southeast Quarter to a point 230.45
feet Southerly from the North line of said Southeast
Quarter; thence Wiest 359.60 feet parallel to the said North
line of the said Southeast Quarter; thence South 326.0 feet
parallel to the East line of the said Southeast Corner;
thence 809.6 feet to the east line of said Southeast
Quarter; thence North 206.45 feet along said East line of
the said Southeast Quarter to the place of beginning,
containing approximately 4.82 acres together with an
easement for the maintenance of the water retention basin
and dike and therefore on the following described property
in such county and state:
Beginning at a point 230.45 feet South and 809.6 feet West
with a Northeast corner of the Southeast Quarter of Section
25, Township 37 north, Range 2 east; thence South 326.0 feet
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parallel to the east line of said Southeast Quarter; thence
[hest 30.0 feet parallel to the North line of said Southeast
Quarter; thence North 326.0 feet parallel to the Fast line
of the said Southeast Quarter; thence 30.0 feet parallel to
the North line of said Southeast Quarter to the place of
beginning.
DESCRIPTION OF APPRAISED PROPERTY
The subject of this appraisal consists of the southwest corner of the property
hereinabove described except for the access easement, which consists of a portion
of the basin having a land area, more or less, of 49,492.65 square feet by descrip-
tion.
The legal description of the parcel taken therefrom, which is the subject of
this appraisal, is as follows:
A parcel of land being part of the Southeast Quarter of
Section 25, Township 37 north, Range 2 east, City of South
Bend, Centre Township, St. Joseph County, Indiana, being
more particularly described as follows:
Commencing at a point at the East line of said Southeast
Quarter a distance of 556.45 feet South, 00 degrees, 00
minutes, 00 seconds East of the Northeast corner of said
Quarter section; thence South 88 degrees, 38 minutes, 01
seconds West along the South line of a parcel of land
conveyed to the Civil City of South Bend a distance of
450.22 feet to the place of beginning; thence continuing
South 88 degrees, 38 Minutes, 01 seconds West, along said
South line, a distance of 359.38 feet to the Southwest
Cornier of said City property; thence North 0 degrees, 00
minutes, 00 seconds, West along the West line of said City
property parallel with said East line of the Southeast
Quarter, a distance of 155.00 feet; thence North 88 degrees,
58 minutes, 01 seconds east, parallel with said south line
of said City property, a distance of 260.00 feet; thence
South 39 degrees, 00 minutes, 51 seconds East a distance of
157.83 feet; thence South 00 degrees, 00 minutes, 00
seconds, West parallel with said East line of said Southeast
quarter, a distance of 30.00 feet to the place of beginning,
containing 1.14 acres, more or less.
VALUE DETERMINATION
The subject property and the larger parcel fran which it is taken lends certain
economic benefits to the surrounding property in that it serves as an area where
storm water retention from these surrounding areas is permitted to accumulate.
The .lack of this retention area would require the retention, on site of storm
water runoff and would result in the need of the surrounding properties to
allocate certain portions of their lands to onsite retention thus deminishing
the fair market value of these surrounding parcels. Given the fact that the
subject property and the larger part from which it is taken is, by design,
dysfunctional for conziercial. or development purposes, the establishment of value
for such a use must consider the property in light of its present Use and the
/i7
cost of its repl.aceil:ent Or sizbsti ��.tioih. �i��laver,
pitt•poses of this appraise] i.riclica�es ihat ro research I.Mdertaken for
p- purZy values range from $45,000 to
$55,400 per acre for commercial. use land located in the prOXimato area of the
subject.
This price , however, inco^poiates the fno7uPilitand cant T,of that lande
economn c banef_it which is derived :from the ccurpercial develop-
men.-t thereof- Accordingly, the consideratio-(l of economic benefit and economic
value for the subject , E,��bich is specifically given over to a tertiary use of the
land Must reflect the fact that subject of this appraisal is Unusable for an
purpose other than storm retention in its present condition. Accordingly,Y
appraisal assigrnnent here must recognize the value of the property the
the lack of utility that inures to the ewn.er by virtue of itsremovalandin s reuse
t of
for other pLirposes.
It has been asse:ctecl to this appraiser that the future intent of the property is
to be filled, graded, and reused as parking area with the allocation of other
space given over, to the drainage storage requirements of the city.
Extensive research was undertaken in the course of this appraisal to determine
and establish the fair market value of recently sold comparable properties in the area. Unfortunately, no such comparable property has been discovered which
would lend some sense to the value. Accordingly, the concept of the lack of
commercial utility which derives from the present value of this property must be
the determining factor in establishing value as adjusted for the cost of re-
placement- of a like facility.
It has been further asserted to this appraiser that upon conveyance to the
subject parcel, the city will receive in return a. likesize parcel for its
continued use as a retention area. The result is an exchange of property, the
value of wh:Lch is not easily determinable. however, based upon the fact that
sales have occurred which place the value of an acre of ground proximate to the
subject at $50,000, it would appear that the base value of the land, unadjusted
for the requirements either to fill or to excavate the subject, would be
$57,000. This value, huvever, mist be reduced by the amount necessary to fill
the particular parcel of the subject, to the level of at .least 10 feet above its
present elevation which would require the filling of some 18,392 cubic yards of
soil. Further, presuming that this soil is available immediately adjacent to
the parcel., the need then for transporting this soil would be limited to simply
moving it mechanically without extensive trucking and hauling requirements.
Thus, using $2.50 per cubic yard as a reasonable estimate value derived .from
Marshall & Swift and other evaluation sources, the cost of this work is esti-
mated to be $45,980.
Subtracting the estimated cost of replacing 496,584 cubic feet or 18,392 cubic
Yards of soil estimated at $45,980 from the inherent market value of $57,000
results in a value of land at $11,020.
Accordingly, pursuant to this replacement cost method of value, the appraiser
estimates that the fair market value of the underlying land comprising the
subject, after adjusting for deficiencies, is $11,000.
Note: Tt should be noted that the Warranty Deed conveying the large parcel to
the City of South Bend contains a reversionary clause whereby use of the land
for any purpose other than as a retention basis will cause title to revert to
the Grantor.
�SSL�YPTIONS AND LIMITING CONDITIONS
No res"Ponsibil.ity is assumed for matters wiaich are Legal in nature, nor is any
opinion on the quality of title rendered. The title is assumed to be marketable
in the fee sitq)le. Other than stated, the value estimate is given without regard
to any questions of boundaries, title, encumbrances, easements, encroachments or
other matters affecting title and the appraiser assumes no liability therfor,
All information, comments and opinions rendered by the appraiser herein regarding
location, neighborhood trends, construction quality, costs, obsolescence, condition,
rents or any other data regarding the property appraised represent the view of the
appraiser, formed after an examination of the property. Possession of this document
or any copy thereof, does not carry with it the right of publication, nor may the
same be used for any purpose whatsoever by anyone other than the addressee without
the express written consent of the appraiser and the addressee first in hand obtained.
I believe to be reliable the information which was furnished to me by others, but I
will assume no liability therefor and do not in any way, expressly or implicitly,
warrant its accuracy. While it is believed the information, estimates and analysis
rendered, and the opinions and conclusions drawn therefrom are correct and accurate,
no warranty is given and the appraiser assumes no liability for errors or omissions
of fact, analysis or judgement.
The drawings included in the report are not necessarily drawn to scale and are included
only to assist the reader in visualizing the property. I have made no survey of the
property and assume no responsibility in connection with such matters. No engineering
study was undertaken in the course of this appraisal and no liability is assumed for
conditions relating to soil conditions or subsurficial geology. Any legal description
furnished to me is assumed to be correct.
I hereby certify that the value established herein for the subject property is
in no way influenced by outside individuals other than those which may have been
consulted on the matter of value bythe appraiser. The fee paid to me for the prep-
aration of this report is in no way contingent upon the value determined herein.
The liability of the appraiser extends only to the correction of errors or omissions
which may be discovered in the use of this document.
0
Bruce D. Huntinata
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Date
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PHOTOGRIPItS ...
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Aerial View of Large Parcel of Subject from East.
(North is at right. Foreground is Miami Street)
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✓'•_ Y 'f3 � aid, 4 y ,y
Spillway Entrance to site, Curb stops and rip -rap used to break floor.
Note elevation difference.
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View Westerly along Baven Street.
View Easterly along Bowen Street. Scottsdale Mall is in background.
View from North edge of Retention .Basin at central _point.
Note elevation difference.
W A R R A N T Y D E E D''
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I•�This indenture witnesseth that PLACE AND C01`iPANY, INC.,
�I an Indiana Corporation, of St. Joseph County in the State of Indi ja,
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Il Conveys and warrants to the CITY OF SOUTH BEND, INDIANA, a
I
Municipal Corporation, of St. Joseph County in the State of
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Indiana, for and in consideration of One Dollar ($1.00) and other
good and valuable consideration, the receipt whereof is hereby ac
{
14 nowledged, the following Real Estate in St. Joseph County, in the
i
'1 State of Indiana, to wit:
i
Beginning 350.0 feet South of the Northeast corner of the South
+, east Quarter of Section 25, Township 37 North, Range 2 East;
the said
thence West 450.0 feet parallel to the North Line of
119.55 feet parallel to the East
Southeast Quarter; thence North
to a point 230.45 feet ,
line of the said Southeast Quarter
line of the said Southeast Quarter; 1
southerly from the North
feet _to the said North line of the
thence West to the
_359.6_-parallel
�I said Southeast Quarter; thence South 326.0 feet parallel
East 809.6 feet
!. . thence
East line of the said Southeast Quarter,
Quarter; thence North
to the East line of the said Southeast
the said Southeast Quarter
along said East line of
to
20G.45 feet alo
20 approximately 4.82 acres,
the place beginning, containing
for the maintenance r
together with an easement
the following described property
tion basin and dike therefor on
in such County and state:
I
i
Beginning at a point 230.45 feet South and 809.6 feet West o
Quarter of Section 25,
the Northeast corner of the southeast
thence South 326.0 feet
Township 37 North, Range 2 East;
said Southeast Quarter; thence
}
parallel to the East line of
the North line of said Southeast
It West 30.0 feet parallel to
326.0 feet parallel to the fast line of
Quarter; thence North
thence East 30.0 feet parallel
�I the said Southeast Quarter;
Southeast Quarter to the place
to the North line of said
beginning.
�'
hereby asserted and affirmed that no Indiana Gross Income
is Y this transact on
�;
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It b reason of
I Tax accrues or becomes due and owing Y
therefor is less than $10.00.
!
j� inasmuch as the consideration
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:•` The above described property shall be used only by the Grantee
Property
foregoing p
shall
water retention purposes. If and when the
then, the title thereto
1
;• ceases to be used for such purposes,
its successors and assigns.
}
revert to the Grantor herein ,or
.r-
signed and dated this _ day of December, 1962.
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PLACE AND COMPANY, INC.
By �r
Andrew S. Place, President
ATTEST:
Glenn S. Coope-, Secre ary
(CORPORATE ;
SEAL)
STATE OF INDIANA )
ss:
ST. JOSEPH COUNTY )
Before me, a Notary Public, in and for said County and
State, this day of December, 1962, personally appeared
II1 Andrew S. Place and Glenn S. Cooper, respectively the President
k�
Find Secretary of Place and Company, Inc., and acknowledged the
execution of the above and foregoing deed to be their voluntary
act and deed for and on behalf of such corporation.
IN WITNESS WHEREOF, I have her unto subscribed my name an
Y
affixed m official seal, this day of December, 1962.
Joseph A. Roper, Notary Public
M°
ny Commission Expires:
November 25, 1966
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� This instrument prepared by: Joseph A. Roper, 301 5t. Joseph Ban
I Building, South Bend 1, Indiana
2 -
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CRES, r AND EVERETT, , INC., RE TORS
CON,11%11ERCIAL & INVEE-STMENT DIVISION
tYay 18, 1987
Board of Public VTorks
City of South Bend
13 th Floor
County --City Build4lig
South Bend, IN -6601
I11kNID DELIVERED
Dear Sirs:
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1� I i
C'!TY OF SOLITH BIr,11i'D
Erskine Plaza Associates, an Indiana general partnership, and
Cressy and Everett Commercial Company, Inc. hereby request that the
City of South Bents offer for sale the following described real estate
pursuant to Indiana Code §36-1-11-5:
A parcel of land being
25, Township 37 North, Range
Township, St. Joseph County,
described as follows:
a part of the Southeast Quarter of Section
2 East, City of South Bend, Centre
Indiana, and being more particularly
Commencing at a point on the East line of said Southeast Quarter,
a distance of 556.45 feet South 0-00'-00" East of the Northeast corner
of said Quarter Section; thence South 88-38'-01" West, along the
South line of a parcel of Land conveyed to the Civil City of South
Bend, a distance of 450.22 feet to the place of beginning for this
descriptiori; thence continuing South 88-38' -0111 west, along said
South line, a distance of 359.38 pro feet to the Southwest corner f said
Citythence North 0-00 00 vest, along the west
lineproperty; r
said City property and parallel vrit'n said East line of the Southeast
Quarter, a distance of 155.00 feet thence r55-aSciistanceEast,
of
parallel with said South line of said City property,
260.00 feet; thence South 39-00'-51" East, a distance of 1-57.83 feet;
thence South 0-00'-00" West, parallel with said East line of the
Southeast Quarter, a distance of 30.00 feet to the place of beginning
containing 1.14 acres more or less.
Erskine Plaza Associates is the owner of property ad3acent to and
abutting the subject real estate theGvrosertydforerett Erskine Plaza
Company, Inc. is the developer o_-f P
Associates.
Z
227 SOUTH MAIM STREET sOtJ'i H E3END. INDIANA 46601 -21 1 t
249 1 239-4060
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PURCHASE AGREEMENT
0
THIS AGREEMENT, entered into this/Iz day of
1987, by and,between ERSKINE PLAZA ASSOCIATES,
hereinafter referred to as the Buyer, and the Civil City of South
Bend, a municipal corporation of the State of Indiana, hereinafter
referred to as the City_
WITNESSETH:
WHEREAS, I.C. 36-1-11 establishes procedures for the sale
and rental of real property owned by the City of South Bend; and
WHEREAS, the Board of Public Works is empowered to carry out
the provisions of said statute; and
WHEREAS, the Board has determined that:
1. The highest and best use of certain real property owned
by the City is by sale to an abutting landowner;
2. The cost to the public of maintaining said real property
owned by the City equals or exceeds the established fair market value
of said real property;
3. It is economically unjustifiable to sell said real
property owned by the City in accordance with the procedures set
forth in I.C. 36-1-11-4.
WHEREAS, the Board has determined that the assessed value of
said real property is less than Two Thousand Dollars ($2,000.00); and
WHEREAS, the Board appointed a licensed independent
appraiser who appraised the particular real property; and
WHEREAS, based upon the appraisal submitted, the Board has
established an offering price for the property, and published notice
of its intention to sell said property at said price; and
WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered
to negotiate and sell said real property to the abutting landowner
who submits the highest offer for said real property; and
WHEREAS, the offer of the Buyer containing the following
particulars was offered and accepted as the best offer for said
property:
1. Erskine Plaza Associates deed to the City a parcel
of property of 0.37 acres described in the bid.
2. Provide to the City a Quit -Claim Deed from Place and
Company and Andy Place in order to terminate any reversionary
interest in the property Erskine Plaze is buying from the City.
3. Erskine Plaza Associates will install a 36" storm sewer
outfall from City retention pond to High Street along with the
necessary easements and dedication of the sewer to the City.
4. Erskine Plaza Associates will excavate the City of South
Bend retentions pond and the property to be deeded to the City and
improve the appearance of the pond in order to accommodate the storm
water anticipated and currently handled as per and in accordance with
the requirements determined by a Cole Associates, Inc. drainage plan
on file with the Board of Public Works.
W
44W
;. Erskine Plaza Associates had previously agreed to
1 t the intersection of Ireland and Hiqh
construct a traffic sicgna a
Streets.
NOW, THEREFORE, it is agreed by and between the parties
hereto, and for and in consideration of the premises and the mutual
covenants herein contained, as follows:
1. The City agrees to sell and Buyer agrees to buy:
A parcel of land being a part of the Southeast
Quarter of Section 25, Township 37 North, Range 2
East, City of South Bend, Centre Township, St.
Joseph County, Indiana, and being more
particularly described as follows:
Commencing at a point on the East line of said
Southeast Quarter, a distance of 556.45 feet South
0-00'-00" East of the Northeast corner of said
Quarter Section; thence South 88-38'-01" West,
along the South line of a parcel of land conveyed
to the Civil City of South Bend, a distance of
450.22 feet to the place of beginning for this
description; thence continuing South 88-38'01"
West, along said South line, a distance of 359.38
feet to the Southwest corner of said City
property; thence North 0-00'00" West, along the
West line of said City property and parallel with
said East line of the Southeast Quarter, a
distance of 155.00 feet; thence North 88-38'01"
East, parallel with said South line of said City
property, a distance of 260.00 feet; thence South
39-00'-51" East, a distance of 157.83 feet; thence
South 0-00'00" West, parallel with said East line
of the Southeast Quarter, a distance of 30.00 feet
to the place of beginning containing 1.14 acres
more or less.
Subject to any easements, covenants or restrictions of
record.
for and in consideration of the following:
2. Erskine Plaza Associates deed to the City a parcel of
property of 0.37 acres described as follows:
A parcel of land being a part of the Southeast
Quarter of Section 25, Township 37 North, Range 2
East, City of South Bend, Centre Township, St.
Joseph County, Indiana and being more particularly
described as follows:
Commencing at a point on the East line of said
Southeast Quarter, a distance of 556.45 feet South
0-00100" East of the Northeast corner of said
Quarter Section; thence South 88-38101" West,
along the South line of a parcel of land conveyed
to the Civil City of South Bend, a distance of
809.60 feet to the Southwest corner of said
parcel; thence North 0-00'-00" West, along the
West line of said parcel and parallel with said
East line of said Southeast Quarter, a distance of
155.00 feet to the place of beginning for this
description; thence South 88-38'-01" West,
parallel with said South line of said South Bend's
parcel, a distance of 95.26 feet; thence North
0-001--00" East, parallel with said East line of
the Southeast Quarter, a distance of 170.95 feet
to the South line of a parcel of land conveyed to
Standard Federal Savings and Loan Association;
thence North 88-37149" East, along said South
line, a distance of 95.26 feet to the West line of
said land conveyed to the Civil City of South
-2-
i
PV
Bend; thence South 0-00'-00" West, along said West
Line, a parallel with said East line of the
Southeast Quarter, a distance of 170.96 feet to
the place of beginning containing 0.37 acres more
or less.
Subject to any easements, covenants or restrictions of
record.
3. Provide to the City a Quit -Claim Deed from Place and
Company and Andy Place in order to terminate any reversionary
interest in the property the Erskine Place is buying from the City,
and a Title Insurance Policy in the amount of Forty Thousand Dollars
($40,000.00) to cover the rest of the property originally deeded by
Place & Company, Inc. to the City of South Bend, which deed was
recorded with the St. Joseph County Recorder on December 28, 1962.
4. Erskine Plaza Associates will install a 36" storm sewer
outfall from City retention pond to High Street along with the
necessary easements and dedication of the sewer to the City in
accordance with the Cole Associates drainage plan entitled "Bowen
Street Development" dated February, 1987.
5. Erskine Plaza Associates will excavate the City of South
Bend retention pond and the property to be deeded to the City and
improve the appearance of the pond in order to accommodate the storm
water anticipated and currently handled as per and in accordance with
the requirements determined by the aforementioned Cole Associates
plan on file with the Board of Public Works.
6. Erskine Plaza Associates had previously agreed to
construct a traffic signal at the intersection of Ireland and High
Streets, as part of the requirements imposed by the Area Plan
Commission of St. Joseph County.
7. In the event that Buyer has not completed all of the
construction mentioned in this Agreement by March 1, 1989, all
property shall revert to its original owners, and Buyer shall be
responsible for all costs of recording and preparation of the deeds.
BOARD OF PUBLIC WORKS OF THE
CITY OF SOUTH BEND, INDIANA
J hn E. Leszczyn , President
Michael L. Vance
ATTEST:
Sandra M. Parmerlee, Clerk Patricia E. DeClercq
Date: 1'' %�,t
ATTEST: /
Date/��
ERSKINE PLAZA ASSOCIATES
Christdpher Davey, Managing Partner
/ 5
Robert E. Dunbar, Jr. /
Development Director
TB/BPW/2
-3-