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(0H6) <br />F� %o Department of <br />Community Investment <br />1865 <br />Memorandum <br />July 25, 2013 <br />TO: South Bend Redevelopment Commission, <br />^ <br />FROM: David Relos, Economic Resources V ' <br />SUBJECT: Professional Services Agreement — R.E. Pitts & Associates <br />College Football Hall of Fame Property Tax Appeal Appraisal <br />This staff report is for a Professional Services Agreement to have Rick Pitts, a MAI <br />Certified Indiana Appraiser, who in 2010 appraised the College Football Hall of Fame <br />(Hall) provide a Value In Use appraisal for the Hall. This type of appraisal will be <br />needed for the property tax appeal currently pending. <br />Value In Use is defined by the Real Property Assessment Manual as: <br />"The value of property for a specified use. The concept holds value to be <br />inherent in property itself, that is, the value is based on the ability of the asset to <br />produce revenue or utility through ownership. The value a specific property has <br />for a specific use." <br />This appraisal will value the Hall as it was intended to be used, i.e., as a museum, in <br />addition to normal valuation methods. <br />Since the appeal is for the 2012 pay 2013 taxes, the appraisal will value the Hall as of <br />the assessment date the appeal is based, or March 1, 2012. <br />Having the Hall's assessed value be closer to its market value will assist in its eventual <br />disposition. <br />Staff requests approval of this Professional Services Agreement in the amount of <br />$4,800. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV <br />