6.C.(1) Resolution No. 2605 - Laserfiche WebLink

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(~-C. (~~ .~_:.~ e: ,. so Community & Economic Development ~a~ `~ ys~~4 .,~ 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. No. 2605 -Acquisition Offer for 412 E. Sample St. Date: October 2, 2009 This is the staff report for the acquisition of 412 E. Sample Street. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2596 on August 26, 2009. It was added in an effort to help Ivy Tech expand classroom, storage, and parking needs in light of their large increases in enrollment. There are four targeted properties along this section of east Sample Street. With the participation of the Commission, this section of Sample will be rehabilitated; it will allow Ivy Tech to create more classroom, parking, and storage space; and it will show community support for Ivy Tech, which will help it secure more State funding for future projects. The joint effort between the Commission and Ivy Tech is to have the Commission purchase and do certain demo and fagade work, with Ivy Tech doing interior work to make these properties classroom ready. The property before you today is the Habitat for Humanity Restore, which has an 8,500 square foot building on approximately 1.32 acres of land. This building will be used by Ivy Tech to consolidate their apprenticeship programs, which are currently housed in two different locations. The relocation of the apprenticeship programs into this building then allows classrooms to be expanded into the space they currently occupy. In addition, the western half of this lot will provide much needed parking for the expansion of classrooms in an adjacent building. Resolution No. 2605 sets the acquisition value of the property at $272,000. The acquisition value is the average value as determined by two independent appraisals. Staff requests approval of Resolution No. 2605, to allow an offer to be extended to the owner of this property for its eventual acquisition. What We Do Today Makes A Difference!