6C(8) Resolution No. 2795 - Laserfiche WebLink

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�Ccy� ,gOUTE! BF Community & Economic Development?'"�'y 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. No. 2795 — Acquisition Offer & Relocation for Discount Rental 230 E. Sample St. Date: November 02, 2010 This is the staff report for the acquisition and relocation of Discount Rental. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2596 on August 26, 2009. 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 pre- engineered steel construction, 34,200 square foot building, comprised of 21,600 square feet on the first floor (3,000 office / showroom, 18,600 shop / warehouse) and 12,600 on the second floor (2,000 office, 10,600 shop / warehouse). Land area is 41,833 square feet, or .96 acres. It contains two abutting parcels that stretch from Sample on the north, Ohio on the south, and Carroll to the east. This property hugs the ITOSS property on the west and south. 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. 2795 sets the acquisition value of the property at $302,000. 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 $548,000 are needed. Relocation expenses consist of needed improvements to the new location of Discount Rental, which will be at their Legend Park location. Estimated improvements and moving expenses to relocate to Legend Park are $784,350. The amount over $548,000 will be absorbed by Discount Rental by way of moving and reinstalling the smaller items themselves. Staff feels the total acquisition, relocation, and moving costs of $850,000 for this property is reasonable, and requests your approval of Resolution No. 2795 and relocation expenses of $548,000, to allow for the acquisition of this property. What We Do Today Makes A Difference!