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r ( ►) nZM", Community & Economic Development 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. 2947 — Acquisition Offer for 803 W. Washington Res. No. 2948 — Counter Offer for 803 W. Washington Date: October 25, 2011 This is the staff report for the acquisition of 803 W. Washington. This property was added to the West Washington Chapin Development Area Acquisition List by Resolution No. 2876 on June 14, 2011. It was added in an effort to stabilize this important building, and bring its use to one that is more compatible with the surrounding neighborhood, which through the years has reclaimed its historic homes back to single family, and has become an important museum campus area of the City. This property will only be acquired if Indiana Landmarks agrees to accept the property. On October 12, their Project Review Committee agreed to move forward with its acceptance. Final approval will be given by their Executive Committee on November 9. If approved, a closing would be scheduled, with transfer to Indiana Landmarks as soon thereafter as possible. The attached letter from Indiana Landmarks explains their plans for this historic property. This property is a three story, ten -unit, granite block building built in 1890 by the well respected local businessman, William Kizer. The house contains 7,200 square feet with a 2,000 square foot carriage house. It is across the street from Capshaholm, the Oliver family personal residence, which now houses the Northern Indiana Center for History. Resolution No. 2947 sets the acquisition value of the property at $411,000. The acquisition value is the average value as determined by two independent appraisals. Resolution No. 2948 is the property owner's counter offer of $441,000. From these sale proceeds, the property owner has agreed to donate $30,000 to Indiana Landmarks for exterior rehab (new roof, tuck pointing, and windows), in addition to two years of property taxes and insurance. Staff feels the acquisition cost of $441,000 for this property is reasonable, and requests your approval of Offer Resolution No. 2947 and Counter Offer Resolution No. 2948, to allow for the acquisition of this property and its eventual transfer to Indiana Landmarks. What We Do Today Makes A Difference!