5A(1) Resolution No. 2715 - Laserfiche WebLink

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<�- A b) • r a n • u m sputa BF Community & Economic Development iscs 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 2715 — Acquisition Counteroffer and Administrative Settlement for 4215 S Main St Date: August 17, 2010 Attached is Resolution 2715 which is an acquisition counter offer resolution and an administrative settlement related to the acquisition of property located at 4215 South Main Street within the South Side Development Area. The subject parcel was added to the South Side Development Area Acquisition List by Resolution No. 2337 on May 19, 2006. On July 23rd, the Redevelopment Commission approved Resolution 2714 which set the acquisition offering price for the property at $79,500.00. The value was determined by two independent appraisers. The property owner has been sent notice of the offering value and has countered at a price of $130,000.00. Based on discussions with the property owner concerning costs to relocate a total acquisition value for this property is set at $135,000.00. Staff submits Resolution 2715, which is a counteroffer acquisition resolution, for this property in the amount of $130,000.00, and requests an administrative settlement at a total value of $135,000.00, based upon the following factors. Appraisal Value The average appraisal value for the property is $79,500.00 with the low appraisal value was $69,000 and the high value was $90,000. The spread of values is beyond the normal tolerance range and the higher value is more consistent with the current tax assessed value. Adjacent Acquisitions At the present time, only four houses, including this house, remain in the block area between Metalmation Drive and Ireland Road. There are 24 total parcels in the block area with four to acquire, four owned by the City /Commission and the remaining 16 owned by Gates. The following table shows this proposed purchase transaction against the average values of 18 of the 20 purchases: What We Do Today Makes A Difference!