HomeMy WebLinkAboutagenda item 2016 0310 rdc 05a2O�5pi7T$8
/-� Department of
Community Investment
1865
Memorandum
March 10, 2016
TO: South Bend Redevelopment Commission
FROM: David Relos, Economic Resources'
SUBJECT: Resolution No. 3330
122 S. Michigan St. Disposition Offering Price
ITEM: 5.A.(2)
Attached is Resolution No. 3330, which sets the disposition offering price for 122 S.
Michigan St., within the River West Economic Development Area.
The proposed fair market value of the property, as derived by two independent appraisals,
is found in "Exhibit A" in the attached resolution.
Staff requests approval of Resolution No. 3330.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
RESOLUTION NO. 3330
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION ESTABLISHING THE OFFERING PRICE OF
PROPERTY IN THE RIVER WEST DEVELOPMENT AREA
WHEREAS, the South Bend Redevelopment Commission (the "Commission "),
the governing body of the City of South Bend, 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 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.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
March 10, 2016, at 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT
COMMISSION
Marcia I. Jones, President
ATTEST:
Donald E. Inks, Secretary
EXHIBIT A
TO RESOLUTION NO. 3330
Property
Size
Minimum Offering
Price
Proposed Use
122 S. Michigan Street
Lot:
Entire site
Commercial projects that
are permitted within the
6,831 square feet
$587,500
Central Business District
zoning designation.
Strong emphasis will be
placed during the review
process on compatibility
with the goals and
objectives of the River
West Development Area;
the planning efforts of the
Central Business District;
the ability to support the
current occupant, their
lease and adjoining
business; and the
surrounding downtown
businesses.