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Memorandum
March 24, 2016
TO: South Bend Redevelopment Commission
FROM: David Relos, Economic Resources
SUBJECT: Resolution No. 3333
500 Block S. Lafayette and Main Disposition Offering Price
Old Studebaker Museum block
Attached is Resolution No. 3333, which sets the disposition offering price for property
located in the 500 block of S. Lafayette and Main.
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. 3333.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
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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 24, 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. 3333
Property
Size
Minimum Offering
Price
proposed Use
500 Block S. Lafayette &
East Tract
East Tract
Commercial projects that
Main
1.23 acres
$127,500
are permitted within the
Central Business District
zoning designation.
West Tract
West Tract
1.62 acres
$130,000
Strong emphasis will be
placed during the review
Total
Total
process on compatibility
2.85 acres
$280,000
with the goals and
objectives of the River
West Development Area;
the planning efforts of the
Central Business District
and Coveleski Stadium
area; and the surrounding
neighborhood.