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South Bend Redevelopment Commission <br />Regular Meeting — October 19, 2001 <br />6. NEW BUSINESS (CONT.) <br />g. Continued... <br />commercial basis. The last rental appraisal for <br />these properties was completed in May, 1998. It <br />is the stated policy of the Commission to obtain <br />two new independent rental appraisals for leased <br />property when the latest appraisals are more <br />than three years old. The new appraisals will <br />permit the Commission to react quickly in <br />soliciting bids should one of the six shops <br />become vacant over the next three years. <br />The staff solicited proposals from a total of five <br />appraisers and received two. The first was from <br />R.E. Pitts & Associates, Inc, an MAI certified <br />appraiser, in the amount of $2,000. The second <br />was from Farrington Appraisal, Inc. for $1,200. <br />The staff recommended that the Commission <br />approve both proposals. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved the proposal for <br />professional services in the South Bend Central <br />Development Area. (Appraisal, Michigan St. <br />shops in the Leighton Plaza parking garage) <br />h. Commission approval requested for <br />professional services in the South Bend <br />Central Development Area. (Appraisal - 216, <br />218,228 Sycamore and 305 Colfax) <br />Before acquiring properties to support future <br />development, title work, appraisals, and survey <br />work are necessary. Items 6. h. and 6.i. relate to <br />contracting for these services for properties <br />located at 216, 218, 228 Sycamore, and 305 <br />Colfax in the South Bend Central Development <br />Area. <br />14 <br />COMMISSION APPROVED THE PROPOSAL FOR <br />PROFESSIONAL SERVICES IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA. (APPRAISAL, <br />MICHIGAN ST. SHOPS IN THE LEIGHTON PLAZA <br />PARKING GARAGE) <br />