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6QUT
Department of
Community
Memorandum
Monday, August 12, 2013
Investment
TO: Redevelopment Commissioners
FROM: Debrah Jennings
SUBJECT: Resolution No. 3150, 228 Sycamore St.
Attached is Resolution No. 3150, which sets the fair market value for 228 Sycamore St., within
the South Bend Central Development Area.
The proposed fair market value of the property, as derived by two independent MAI appraisals,
is found in "Exhibit A" in the attached resolution.
Staff requests approval of Resolution No. 3150.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
RESOLUTION NO. 3150
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
August 15, 2013, 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. 3150
Property
Size
Minimum Offering
Price
Proposed Use
Residential or
228 Sycamore St.
14,355 ft2
$33,500.
commercial projects that
018 - 5003 - 005901
Lot: 53" x 99'
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 planning
area and the East Bank
Redevelopment Area.