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HomeMy WebLinkAboutResolution No. 3635 Former Oaklawn - Disp. Offering Price (403 E Madison) - SignedRESOLUTION NO. 3635 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ESTABLISHING THE OFFERING PRICE OF PROPERTY IN THE RIVER EAST DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the City of South Bend, Indiana, Department of Redevelopment, exists and operates pursuant to I.C. 36-7-14 (the “Act”); and WHEREAS, the Commission may dispose of real property in accordance with Section 22 of the Act; and WHEREAS, the real property identified at Exhibit A attached hereto and incorporated herein (the "Property") 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. NOW, THEREFORE, BE IT RESOLVED by the Commission, pursuant to Section 22 of the Act, that based upon such appraisals, the offering price of the Property described at Exhibit A is hereby established as stated therein, which amount is not less than the average of the two appraisals, and all documentation related to such determination is contained in the Commission’s files. IT IS FURTHER RESOLVED that all notices and other actions required by Section 22 of the Act be performed in order to effectuate the disposal of the Property. ADOPTED at a meeting of the South Bend Redevelopment Commission held on April 24, 2025 at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION ____________________________ Troy Warner, President ATTEST: ____________________________ Eli Wax, Secretary EXHIBIT A TO RESOLUTION NO. 3635 Offering Sheet Property Size Minimum Offering Price Proposed Re-Use Lot 4A East Bank Replat 018-5022-0762 71-08-01-379-001.000- 026 Commonly Known As 403 E Madison St Site: 3.39 acres $1,494,000.00 Projects that are permitted within the DT Downtown zoning designation. Strong emphasis will be placed during the review process on compatibility with and support of the goals and objectives of the River East Development Area and the surrounding businesses and neighborhood.