6C(3) Resolution No. 2786 - Laserfiche WebLink

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(' c (�3) SOUTH BF p pl,ilCr /� �o Community & Economic Development��a 1565 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 5741235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. No. 2786 — Acquisition Offer & Relocation for Sinco Pools 202 & 130 E. Sample St., 125 & 127 E. Ohio St. Date: November 02, 2010 This is the staff report for the acquisition and relocation of Sinco Pools. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May 21, 2010. It was added in an effort to assist Ivy Tech expand classroom, storage, and parking needs, in light of their large increases in enrollment. This particular property is a one story masonry and cement block, 16,100 square foot building, comprised of 9,048 square feet of office / showroom and 7,062 square feet of shop / warehouse space. Land area is 27,857 square feet, or .64 acres. It contains four abutting parcels, two along East Sample Street and two along East Ohio Street. This building will be used by Ivy Tech for the expansion of much needed classroom and storage space, and provides some on site parking. Resolution No. 2786 sets the acquisition value of the property at $237,500. The acquisition value is the average value as determined by two independent appraisals. In addition to the acquisition price of this property, relocation and moving expenses of $150,105 are needed. Relocation expenses consist of needed improvements to the new location of Sinco, which will be 1720 S. Michigan St, the Harvey Pro Shop / Hardware store at the corner of S. Michigan and Dayton Streets. Staff feels the total acquisition, relocation, and moving costs of $387,605 for this property is reasonable, and requests your approval of Resolution No. 2786 and relocation expenses of $150,105, to allow for the acquisition of this property. What We Do Today Makes A Difference!