HomeMy WebLinkAboutNo. 2424 approving the fair market value of property in the South Bend Central Development Area (Hill & Colfax)RESOLUTION 2424
RESOLUTION OF TH R MARK E V ALUE OF PROPERTY INO HE O O H
APPROVING THE FAI
BEND CENTRAL DEVELOPMENT AREA
WHEREAS, the property listed on attached "Exhibit A" 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 qualified Redevelopment
staff and one correction was requested to reflect certain factual data, and upon further
review of appraisals as corrected, no filrther corrections, revisions, or additions were
requested by such review; 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 value.
NOW> THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, Govemmg body of the City of South Bend Department of Redevelopment,
that based upon such appraisals and the review thereof, the fair value for the re-use
indicated of the property listed in "Exhibit A", attached hereto and made apart hereof, is
established as shown thereon and all documentation related to such determination is
contained in the Commission files.
Adopted at the regular meeting of the South Bend Redevelopment Commission held on
the 21s` day of December, 2007 in Room 1308 of the County-City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
City of South Bend, Indiana
Redevelopment Co m~ssion
Marcia I. es, President
Attest:
G. Kin,, V~ce-President
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EXHIBIT A
Resolution 2424
Offering Sheet
Disposition Parcel
Parcel Size Minimum Purchase Price Proposed Re-Use
211 N Hill St, 517 E Colfax, 21,780 SF (0.5 acres) $135,700 Mulitfamily
529 E COIfaX Residential or
18-5005-0129, 18-5005-0128 Corrnnercial,
18-5005-0130 with preference
for Mixed Use
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