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4 &- (-!) <br />�Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: <br />Redevelopment Commission <br />From: <br />Bill Schalliol, Economic Development Planner_p,--,S�_ <br />Subject: <br />Resolutions 2772 and 2773 <br />Setting Acquisition Offering Price for 1503 and 1505 Prairie Avenue <br />Date: September 14, 2010 <br />Attached are Resolutions 2772 and 2773 which set the acquisition offering price for the <br />acquisition of property located at 1503 and 1505 Prairie Avenue within the Airport Economic <br />Development Area. The subject property was added to the Airport Economic Development <br />Area Acquisition List by Resolution No. 2668 on May 21, 2010. <br />Resolutions 2772 and 2773 <br />The proposed acquisition properties are located at 1503 and 1505 Prairie Avenue <br />immediately west of the main Ignition Park campus. The properties contain a total of two <br />buildings and are commercial - industrial in nature. The properties are generally under <br />common ownership and are looking to be sold as a package although based on ownership <br />issues (land held in land trusts) will need to be dealt with separately. <br />Resolution 2772 is for 1503 Prairie Avenue which contains a two story industrial building <br />built approximately in 1907 and added onto in the rear at a later point. The building is in <br />questionable shape and sits adjacent to the railroad spur line and is on 1.82 acres of land. <br />The average acquisition offering price is $205,000.00 based upon the average of two <br />appraisals. <br />Resolution 2773 is for 1505 Prairie Avenue which contains a single story metal building built <br />in 1992. The parcel derives its access from 1503 Prairie and is approximately .37 acres in <br />size. The average acquisition offering price is $65,000.00 based upon the average of two <br />appraisals. <br />Both of these buildings will be bought in a vacant, as -is condition and will both be proposed <br />for demolition upon acquisition. <br />Staff requests favorable approval of these resolutions. <br />What We Do Today Makes A Difference! <br />