6.B.(5) Resolution No. 2604 - Laserfiche WebLink

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~; ~ c s ) - • • -SOUTH B of ,A~I~,~~ ,r/-`~tio Community & Economic Development ~~'~~~,~' ~~ Iy65 _ ~ ~' 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 2604 -The Manor Date: September 29, 2009 Attached to this staff report are Resolutions 2604 which relates to property at 118 S. William Street at the north end of 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 18-3010-0336 18-3010-0337 118 S. William Street Madison Center, Inc. Resolution 2604 The purpose of Resolution 2604 is to set the acquisition value for the property commonly known as The Manor located at 118 S. William Street. The average appraised value as determined by two qualified appraisers is $118,500.00. The Manor sits on the east side of William Street in a block that has seen significant reinvestment over the last several years. With the relocation of the Remedy building for use as the HLFI headquarters, the complete restoration of the two story apartment building on Franklin and the on-going restoration of the two multi-units on the south end of the block, The Manor building is no longer a consistent land use on the block. Due to constraints by Madison Center to remove this property from their books, the staff has worked out a purchase agreement with Madison Center to sell The Manor below appraised value at $96,271.00. The price is fixed by a loan that is due on the property and due to non-compliance issues with the load agreement, the loan needs to be paid in full. The proposed purchase price would pay the loan and relief Madison Center of this debt issue. Once acquired, the site would be leveled and cleared for future infill development. Summary Staff requests favorable approval of Resolutions 2604. As the proposed price is lower than the appraised price, the staff is requesting your support of this purchase agreement. The value is reasonable and is a key parcel to the continued reinvestment in this block area. What We Do Today Makes A Difference!