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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting — November 2, 2010 <br />construction, 34,200 square foot building, <br />comprised of 21,600 square feet on the first <br />floor (3,000 office / showroom, 18,600 shop / <br />warehouse) and 12,600 on the second floor <br />(2,000 office, 10,600 shop / warehouse). <br />Land area is 41,833 square feet, or .96 acres. <br />It contains two abutting parcels that stretch <br />from Sample on the north, Ohio on the south, <br />and Carroll to the east. This property hugs <br />the ITOSS property on the west and south. <br />Resolution No. 2795 sets the acquisition <br />value of the property at $302,000, the <br />average value of independent appraisals. <br />In addition to the acquisition price, relocation <br />and moving expenses of $548,000 are <br />needed. Relocation expenses consist of <br />needed improvements Discount Rental's <br />other location at Legend Park where their <br />operation will be consolidated. Estimated <br />improvements and moving expenses for <br />Discount Rental to relocate to Legend Park <br />are $784,350. The amount over $548,000 <br />will be absorbed by Discount Rental by way <br />of moving and reinstalling the smaller items <br />themselves. <br />Staff feels the total acquisition, relocation, <br />and moving costs of $850,000 for this <br />property is reasonable. It is significantly less <br />than was asked eighteen months ago. Staff <br />requests approval of Resolution No. 2795 <br />and relocation expenses of $548,000, to <br />allow for the acquisition of this property. <br />Mr. Downes congratulated Mr. Relos on <br />securing these properties. He stressed that <br />these businesses are not leaving the <br />community. Mr. Relos responded that, at the <br />end of the day, each feels they have been <br />fairly compensated. <br />23 <br />