HomeMy WebLinkAbout6.C.(3) Resolution No. 2522(~~~-<3)
Community & Economic
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1200 County-O.'y Bul.uing. 227 Wes Je`ferson, Soch Bena, IrCianc 46601-1830 Phone 574j2359371 Fax 5741235 9021
To: Redevelopment Commission /~ ~~
From: Bill Schalliol, Economic Development Planner ~% .l
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Subject: Resolution 2522 -Counter Offer for GMS Parcel (SW Corner of Wayne & William)
Date: November 3, 2008
Attached to this staff report is Resolution 2522 which is a counter offer to Resolution 2481 which was
approved by the Commission at their meeting on October 17, 2008. The subject parcel is located at the
Southwest Corner of Wayne Street & William Street within the South Bend Central Development Area. The
property contains a vacant lot that takes up the entire NE quad of the block bounded by William, Western,
Taylor and Wayne.
Resolution 2481 set the acquisition value for the property based upon the average appraised value as
determined by two qualified appraisers at $77,000.00. The SF value of the parcel is $3.38ISF (based upon
22,800 SF parcel).
Resolution 2522 is a counter offer prepared and presented by the property owner, GMS Realty, Inc. The
counter offer is in the amount of $85,000.00. The SF value of the parcel is $3.73/SF (based upon 22.800 SF
parcel). The proposed counter value is below the average value/SF ($8.64/SF) paid for developed property
on this block area.
Summary
Staff requests approval of Resolution 2522. The value of the counter offer is reasonable and the parcel is
needed to allow for site control and planning within the context of the on-going Coveleski Park Planning effort.
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RESOLUTION NO. 2522
RESOLUTION APPROVING AND ACCENTING A COON"CEROFFER
FOR "I'HE ACQUISITION OF PROPERTY IN THE.
SOUTH 6END CENTRAL DEVELOPMENT AREA
WHEREAS, under the authority granted by Indiana Codc ~ 36-7-14, c't .i~c~q. and
in furtherance of the South Bend Central Dcvdopment Area Development Plan (the
..Plan-). the South Bend Redevelopment Commission (the ~~Conunission'~) has
determined that it is neccssarv to acquire unencumbered fee simple interest in ca-tain
property located w-ithin the area heretofore designated as the South Bend Central
Development Area fthe "Arca~~) ~°ithin the City of South Bcnd. Indiana (the "Cit~~~).
which property is more particularly described at Exhibit A attached hereto and
incorporated herein (the "Propertv~~): and
WHEREAS. on October 17. 2004, the Commission adopted a Resolution setting
the o~~i~crin~~ price (the "Ol~fcrin~, Price") and authori~in~~ stair to present an offer to GMS
Realty. Inc., an Indiana corporation, as o~~~ncr of the Property (the: °O~~ner..) in an amount
not to exceed the Offerin~~ Price along ~~~ith the payment of expenses incidental to the
com~evance and determination o[~the title of the Property: and
WHEREAS. the staff has presented the O~~~ner an otter f2x the Offering Price as
authorized. which the O~~~ncr rejected: and
WHEREAS. the Owner has provided a counteroffer to the Commission for
Eighty tine and 00%100 Dollars 085.000.00), plus all expenses related to the acquisition:
and
WHEREAS, the staff has rcvie~a~cd the counteroffer and determined that the
proposal is reasonable in light of the appraisal amount. conditions in the area, and the
amount of announced de~~clopment in the immediate area: and
WHEREAS, the Commission has completed its acyuisition procedures for the
Property and sufficient funds arc available for the purchase of the Property:
NOW, THEREFORE. BE IT RESOLVED by the South Bend Rede~clopment
Commission that:
1. ~fhe Commission herebv finds that the consideration set girth in the
Purchase A~~reement is reasonable considering the circumstances and that it is in the best
interest of the citizens of the City and the South Bend Rcde~~elopment District and
consistent ~~'ith die purposes and requirements set forth in Indiana Codc ~ 26-7-14 to
accept the counteroffer c~ idenced in the Purchase A~~recment.
~. The Commission herebv approves and accepts the Purchase A~~rccment
and authorizes the President and the Secretary to execute and attest, respectircly, the
Assignment of the Purchase Agreement undior the Purchase Agreement ~~-ith such
char<~cs in term or in substance as thev deem to be necessary or appropriate to complete
the transfer. with such approval to be conclusively evidenced b_v such execution and
attestation. respectively. The President andi~~r Secretary are each authorized to execute
and deliver anv other documentation necessarv to complete the acquisition of~ the
Property. Leal counsel tier the Commission is fiurtha- authorized to close the transaction
on behalf of the Commission and execute anv incidental closing documents necessary to
complete the transaction.
3. The Sccrctarv of the Commission is instructed to place a copy of the
assignment and Purchase Agreement presented to the Commission ~~~ith this Resolution in
the records and minutes of this mcetin<~.
d. Don inks or Jctf Gibney is authorized to execute on bchalf~ of the
Commission any documents necessary to carry out the intent of this resolution.
ADOP"hED at a Regular Meeting of the South Bend Redevelopment
Commission held on November 7, 200K, at 1 ,U8 County-City Building, 227 West
Jefficrson Boulevard. South Bend. Indiana 46601 .
CITY OF SOUTH BEAD,
DEPAR'hMENT OF REDEVELOPMENT
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South Bcnd Redevclopmeut Commission
ATTEST:
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Piim<d \nnrr and !lily
South Bead Rcde~~elopment Commissiou
PROPERTY DESCRIPTIO~~ n~D YUKCHASE PRICE
fas Kc~ :V o.
18-301 °_~4?0.01
Address
Southwest corner of
~k'aync SUccl
1~%illiam Strcct__
O~~ ncr
GMS Rcalt~~. Inc_ an
Indiana Corporation
Couuteroffcr
Purchase Price
585,000.00