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Home My WebLink About6.B.(5) Resolution No. 2604~; ~ c s ) - • • -SOUTH B of ,A~I~,~~ ,r/-`~tio Community & Economic Development ~~'~~~,~' ~~ Iy65 _ ~ ~' 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner ~~~ Subject: Resolutions 2604 -The Manor Date: September 29, 2009 Attached to this staff report are Resolutions 2604 which relates to property at 118 S. William Street at the north end of the Coveleski Neighborhood Planning Area within the South Bend Central Development Area. This parcel was added to the South Bend Central Development Area acquisition list by Resolution 2595 on August 26, 2009. The parcel proposed for acquisition is the following: Tax Key No. Address Owner 18-3010-0336 18-3010-0337 118 S. William Street Madison Center, Inc. Resolution 2604 The purpose of Resolution 2604 is to set the acquisition value for the property commonly known as The Manor located at 118 S. William Street. The average appraised value as determined by two qualified appraisers is $118,500.00. The Manor sits on the east side of William Street in a block that has seen significant reinvestment over the last several years. With the relocation of the Remedy building for use as the HLFI headquarters, the complete restoration of the two story apartment building on Franklin and the on-going restoration of the two multi-units on the south end of the block, The Manor building is no longer a consistent land use on the block. Due to constraints by Madison Center to remove this property from their books, the staff has worked out a purchase agreement with Madison Center to sell The Manor below appraised value at $96,271.00. The price is fixed by a loan that is due on the property and due to non-compliance issues with the load agreement, the loan needs to be paid in full. The proposed purchase price would pay the loan and relief Madison Center of this debt issue. Once acquired, the site would be leveled and cleared for future infill development. Summary Staff requests favorable approval of Resolutions 2604. As the proposed price is lower than the appraised price, the staff is requesting your support of this purchase agreement. The value is reasonable and is a key parcel to the continued reinvestment in this block area. What We Do Today Makes A Difference! The Manor 118 S William Street ~ ~ `~ ~~ ~ ~ - v 4 w; ' q >.;. ~"~ ~. 'x 18-010-0 6 a ~'' ~` ~~ ~ ~~. ~ - ~~ '~ ~~ M ~ ~~ ~ `I y ~~' . ~ z °~ "' _ ~, ~- ~, .¢; .~, r; ~, r~ ~ .~ ~, '7 - , ~ ~ ~ ~-~ f fi a ~ .. ~ <, ~ ~ a' 6 y l~F~a ~ ,: e .a, -~~~, tt~'.a ~~ .. ~.~~.. F:. ~~"~ RESOLUTION N0.2604 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION RELATED TO ACQUISITION OF PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, under the authority granted by Indiana Code ~ 36-7-14, et seq. and in furtherance of the South Bend Central Development Area Plan ('`Plan"), the South Bend Redevelopment Commission ("Commission'') has detel7nined that it is necessary to acquire unencumbered fee simple interest in certain property located within the area heretofore designated as the South Bend Central Development Area (the "Area'") within the City of South Bend, Indiana (the "City"), which property is more particularly described at Exhibit A attached hereto and incorporated herein ("Property"); and WHEREAS, on August 26, 2009, the Commission adopted Resolution No. 2595 amending the Plan and adding the Property to the Area's acquisition list; and WHEREAS, two (2) independent appraisals of the Property have been obtained in accordance with Indiana Code ~ 36-7-14-19(b), which provide an offering price of $118,500.00 (the ``Offering Price"); and WHEREAS, the Property Owner has indicated that it will accept an offering price of $96,271.00 (the "Agreed Offering Price"~) which is lower than the value determined by the two independent appraisers; and WHEREAS, the Commission now desires to authorize its authorized agents, hired for such purposes, or the staff of the Commission to provide and negotiate an offer for the Purchase of the Property in accordance with Indiana Code ~ 36-7-14-19, which may include relocation costs and the Commission's payment of expenses incidental to the conveyance and determination of the title of the Property; and WHEREAS, the Commission finds that all procedures necessary for authorizing and acquiring the Property have been completed in accordance with Indiana 1 aw; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1. Authorized agents of the Commission and the staff of the Commission are hereby authorized and directed to cause a purchase offer to be made in writing to the owner(s) of the Property as described at Exhibit A at the Agreed Offering Price (the '`Agreed Offering Acquisition Price" in Exhibit A) in accordance with Indiana Code § 36-7-14-19, which offer or process may include relocation costs and the payment of expenses incidental to the conveyance and determination of the title of the Property. 2. The Commission's agents and attorneys are hereby authorized and directed to negotiate and prepare documentation necessary to accomplish the acquisition of the Property in accordance with this Resolution and in a form acceptable to legal COUllsel. 3. The Commission hereby ratifies any actions of its staff or legal counsel previously taken consistent with the authority provided in Section 1 or 2 hereof. Notwithstanding the foregoing, no representations, contract or understanding relative to the purchase of the Property, whether made by a Commissioner, employee or other agent or official, is binding against the Commission until approved and accepted by the Commission in writing. The Commission hereby accepts, in advance, any purchase of the Property pursuant to a uniform acquisition offer set forth at Indiana Code ~ 32-24-1- 5 (or a purchase offer deemed by legal counsel to be substantially similar to said Uniform Acquisition Offer, which may include the payment of expenses incidental to the conveyance and determination of title). 4. Don Inks or Jeff Gibney is authorized to execute on behalf of the Commission any documents necessary to carry out the intent of this resolution. ADOPTED at a Regular Meeting of the South Bend Redevelopment Commission held on October 2, 2009, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT ATTEST: Printer .~`an~e unr lit c South Bend Redevelopment Commission s;,~nuture Pl71lleC .~'rrmc unc 7ir e South Bend Redevelopment Commission EXHIBIT A PROPERTY DESCRIPTION AND OFFERING PRICE Agreed Offering Tax Key No. Address Owner Acquisition Price 18-3010-0336 , 118 S. William Madison Center, $96 271.00 , 18-3010-037 Street Inc. ,