6D(16) Resolution No. 2712 - Laserfiche WebLink

Home Browse Search

C~~ Ci~~ ~ ~ SpUTH p p4 \Qi~i~C!//~~d U ~\\\ , i~,,// O Community & Economic Development ~~'~"~;a~' ~ 1865_ ~ 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: Resolution 2712, Setting Acquisition Value for 1313 Prairie Avenue Resolution 2713, Counter Offer for 1313 Prairie Avenue Date: July 20, 2010 Attached is Resolution 2712 and 2713 which set an acquisition value and counter offer value for the acquisition of property located at 1313 Prairie Avenue within the Airport Economic Development Area. The subject property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May 21, 2010. Resolution 2712 The proposed acquisition property is located at 1313 Prairie Avenue immediately west of the main Ignition Park campus. The property is commercial-industrial in nature and has- one single story building and afenced-in parking and storage yard. Earlier this year, the property, which was for sale on the open market, was proposed to be sold to Bestway Towing to be used as a towing storage yard. Staff and others related to the Ignition Park project felt this proposed use was incompatible adjacent to Ignition Park and worked to find a new home for Bestway Towing (recently approved to locate at the former Christman Construction site on Fellows Street. By inserting ourselves into the middle of a pending sale process, the staff began the predevelopment steps for acquisition of this parcel to prevent this type of use from entering the site in the future. The staff obtained two independent appraisals for the property and the average of the two is One Hundred Eighty-Nine Thousand ($189,000.00) Dollars. Staff would request approval of Resolution 2712 to set the acquisition value for this property. Resolution 2713 As a result of the timing of the purchase process requiring the owner to have additional holding costs, and other costs related to the sale process, in addition to having a higher proposed sale price with Bestway, the property owner submitted an itemized counter offer of Two Hundred and Four Thousand ($204,000.00) Dollars. Because of the condition of this building for future reuse (no demolition of the site planned), and because of the ability that this acquisition would provide the Commission on buffering the park on its western boundary, staff would request favorable approval of the counter offer value and Resolution 2713. What We Do Today Makes A Difference!