6.B.(13) Resolution No. 2495 - Laserfiche WebLink

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• ~ ~F~~'I H Bf`4C` k / 'G~ h \/ Y" Community & Economic Development ~- ~'~`''a 1200 Couriy-City Bulldlnc. 227 Nlest Jefferson, South Bend, lnoiana 46601-1830 Phone 5741235-9371 Fax 5741235-9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner~~ Subject: Resolution 2495 -Setting Acquisition Price for 416 W. Western Avenue Resolution 2496 -Counter Offer Resolution Date: October 13. 2008 Attached to this staff report are Resolutions 2495 and 2496 which relates to property at 416 W. Western Avenue in the Coveleski Neighborhood Planning Area within the South Bend Central Development Area. This parcel was added to the South Bend Central Development Area acquisition list by Resolution 2441 on March 28, 2008. The parcel proposed for acquisition is the following: 18-3013-0474 416 Western Ave Jack E. Richey, Jr. & Pamela E. Richey Resolution 2495 The purpose of Resolution 2495 is to set the acquisition value for the property. The average appraised value as determined by two qualified appraisers is $161,825.00. This value Is for a 11,040 SF lot with one commercial structure. The parcel sits on the southeast corner of the intersection of Western and William and is adjacent to the former Gates property owned by the Redevelopment Commission (See attached map) Resolution 2496 After intense negotiations with the property owners concerning the appraised value of the property, a counter offer in the amount of One Hundred Ninety Thousand Dollars ($190,000.00) and closing costs Is being proposed to the purchase resolution value. This value is similar to the values of other properties within this area and is a reasonable number for this parcel. There is no business relocation cost associated with this acquisition. When acquired, the site will be cleared to facilitate new development in the Coveleski Park Planning Area. Summary Staff requests favorable approval of Resolutions 2495 and 2496. The value is reasonable and consistent with values paid to others in the neighborhood. This is a key parcel and is adjacent to other property owned by the Commission. Whai We Do Today Makes A Difference!