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o ,�1i,ili'/,FNd Community & Economic Developmen77 1865 IB65 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: Staff Report on Resolution 2744 - Counter Offer for 502 W Western Avenue Date: October 28, 2010 On August 6, 2010, the Redevelopment Commission approved Resolution 2743 which set the acquisition offering price for 502 W Western Avenue. The property is a single story commercial building located on the southwest corner of Western Avenue and William Street and was the former site location for Harmon Glass. Over the past several years, the Redevelopment Commission has acquired several key parcels located within the Coveleski Park planning area. As the plans for Coveleski Park are now coming together, there are still a few key parcels that need to be acquired to complete the master plan process. The property at 502 W Western is one of the corner properties at one of the main entry points into the stadium campus. The Commission owns the northwest quadrant which previously housed Fred's Transmission (presently being cleared for future development), owns the southeast corner which previously housed Ritchie's Radiator (currently being used for storage during the stadium renovation process and then will be cleared for parking (short term) or for a future development pad site (intended use). The acquisition of the southwest corner is key to the stabilization of the block frontage along Western Avenue in this section of the planning area. The property west of the 502 site has been redeveloped by Granger Community Church and other partners and proper tenanting of this space will help to advance their efforts as well as provide a new retailer in the project area. Staff has spent considerable time working with the property owner and his representative on a fair acquisition value for the site. The property originally appraised at $85,750 when it was appraised in 2008. For a comparison, the Commission paid $190,000 for Ritchie's Radiator, $262,500 for Fred's Transmission and $130,000 for the Son's of Israel Synagogue. The price of $150,000 for this corner parcel with two lots, a stable building that will likely be repurposed and site control at this entry point into the park campus is a reasonable acquisition price. Staff would request Commission approval of Resolution 2744 to approve the counter offer and to allow staff to proceed with the acquisition of this key property. What We Do Today Makes A Difference!