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C c z� <br />me m • <br />o <br />Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Bosch site disposition process completed <br />No bids received <br />Date: March 13, 2012 <br />On November 22, 2011, the Commission approved Resolution No. 2959, approving the fair <br />market value of the Bosch site at 401 N. Bendix Drive. Based on two independent <br />commercial appraisals, this unique property was valued to determine both its sales and <br />lease value. <br />Additionally, the property was valued three different ways: as a total site, only the main <br />building and land (Plant 100), and only the smaller engineering building property and land <br />(Plant 9). The values arrived at were: <br />• Total site (29.46 acres) <br />• sale price $1,967,500 <br />• triple net lease $1.60 / square foot <br />• Plant 100 (25.90 acres) <br />• sale price $1,532,500 <br />• triple net lease $1.63 / square foot <br />• Plant 9 (3.56 acres) <br />o sale price $462,500 <br />o triple net lease $1.73 / square foot. <br />Also approved on November 22, 2011 was the authorization to publish the Notice of <br />Intended Disposition of Property (Notice), with publication dates of December 2 and <br />December 9, 2011. The Notice was published on those dates, and December 27, 2011 <br />was set as the date bids were to be opened. <br />This report is to recognize the property received no bids, and because of that, December <br />27, 2011 began the 30 day period during which no negotiated deals could occur. Since the <br />30 day period is now over, a negotiated deal could be considered for this property. <br />What We Do Today Makes A Difference! <br />