6.C.(3) Resolution No. 2522 - Laserfiche WebLink

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(~~~-<3) Community & Economic ,r~OIiTH~B ~~e jf ~ c~; ~i F;. Development "~~ ~~`'~ ~xas 1200 County-O.'y Bul.uing. 227 Wes Je`ferson, Soch Bena, IrCianc 46601-1830 Phone 574j2359371 Fax 5741235 9021 To: Redevelopment Commission /~ ~~ From: Bill Schalliol, Economic Development Planner ~% .l ,. Subject: Resolution 2522 -Counter Offer for GMS Parcel (SW Corner of Wayne & William) Date: November 3, 2008 Attached to this staff report is Resolution 2522 which is a counter offer to Resolution 2481 which was approved by the Commission at their meeting on October 17, 2008. The subject parcel is located at the Southwest Corner of Wayne Street & William Street within the South Bend Central Development Area. The property contains a vacant lot that takes up the entire NE quad of the block bounded by William, Western, Taylor and Wayne. Resolution 2481 set the acquisition value for the property based upon the average appraised value as determined by two qualified appraisers at $77,000.00. The SF value of the parcel is $3.38ISF (based upon 22,800 SF parcel). Resolution 2522 is a counter offer prepared and presented by the property owner, GMS Realty, Inc. The counter offer is in the amount of $85,000.00. The SF value of the parcel is $3.73/SF (based upon 22.800 SF parcel). The proposed counter value is below the average value/SF ($8.64/SF) paid for developed property on this block area. Summary Staff requests approval of Resolution 2522. The value of the counter offer is reasonable and the parcel is needed to allow for site control and planning within the context of the on-going Coveleski Park Planning effort. What We Do Today Makes A Difference!