Laserfiche WebLink
South Bend Redevelopment Commission <br />Rescheduled Regular Meeting November 2, 2010 <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2792 <br />approving and accepting a counter offer of <br />$40,000 for the acquisition of property in the <br />Airport Economic Development Area. (905- <br />909 W. Indiana Ave.) <br />(5) Resolution No. 2793 related to acquisition <br />of property in the Airport Economic <br />Development Area. (Enyart Motors, 122- <br />124 E. Sample and 117 -123 E. Ohio) <br />Mr. Relos noted that Enyart Electric Motor <br />Repair is a two story masonry and cement <br />block, 9,200 square foot building, comprised <br />of 5,200 square feet of office / shop / <br />warehouse on the first floor, and 4,000 <br />square feet of second floor storage space. <br />Land area is 21,150 square feet, or .486 <br />acres. It contains five abutting parcels, one <br />along East Sample Street and four along East <br />Ohio Street. <br />Resolution No. 2793 sets the acquisition <br />value of the property at $107,500, the <br />average of two independent appraisals. <br />Resolution No. 2800 is the property owner's <br />counter offer of $190,160. When valuing <br />this building, the appraisals did not give <br />value to the second story. The price per <br />square foot was applied only to the first <br />floor's square footage. The owners feel the <br />second floor does add value, and argue that <br />this value should be calculated into the <br />building's overall pricing, especially in light <br />of the value per square foot of their building <br />versus Habitat's a few blocks away ($20 / <br />square foot Enyart versus $25.75 / square <br />foot Habitat). <br />20 <br />COMMISSION APPROVED RESOLUTION NO. 2792 <br />APPROVING AND ACCEPTING A COUNTER OFFER <br />FOR THE ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(905 -909 W. INDIANA AVE.) <br />