6.B.(3) Resolution No. 2602 - Laserfiche WebLink

Home Browse Search

Community & Economic Development 6 ;� (o-o/) SOUTH BE. O� AA1,ill }/N �O 1865 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner Subject: Resolutions 2602 and 2603 — Fred's Transmission Date: September 29, 2009 Attached to this staff report are Resolutions 2602 and 2603 which relates to property at 501 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 2595 on August 26, 2009. The parcel proposed for acquisition is the following: Tax Key No. Address Owner 18- 3012 -0412 18- 3012 -0424 501 W. Western Ave Fred's Shops LLC 18- 3012 -0425 Resolution 2602 The purpose of Resolution 2602 is to set the acquisition value for the property commonly known as Fred's Transmission located at 501 W Western Avenue. The average appraised value as determined by two qualified appraisers is $204,000.00. This value is for a 24,394 SF ( +/- .56 acres) lot with one 7,000 SF commercial structure. The parcel sits on the northwest corner of the intersection of Western and William and covers up almost the entire southern end of the block area which is designated the Housing Block in the Coveleski Park planning efforts. With a purchase of the Fred's Transmission parcel, the Redevelopment Commission would own all but three parcels on this block (See attached map). Resolution 2603 After intense negotiations with the property owners concerning the appraised value of the property, a counter offer in the amount of Two Hundred and Fifty Thousand Dollars ($250,000.00), with an additional amount of Twelve Thousand Five Hundred Dollars ($12,500.00) for relocation is being proposed as part of the counter value purchase resolution. After reviewing the appraisal information (high appraisal value at $240,000), the current tax assessment value ($247,500) and values paid in this area ($10.25/SF), this counter value is similar to the values of other properties within this area and is a reasonable number for this parcel. When acquired, the site will be cleared to facilitate new development in the Coveleski Park Planning Area. Summary Staff requests favorable approval of Resolutions 2602 and 2603. 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. What We Do Today Makes A Difference!