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South Bend Redevelopment Commission <br />Regular Meeting — November 22, 2011 <br />size and is zoned "LI" or Light Industrial. <br />The proposed fair market value of the <br />property as listed on the attached resolution <br />was derived by averaging two independent <br />MAI appraisals. <br />Plant 100 — 25.9 acres $1.63 per sq. ft. (triple <br />net) and sale price of $1,532,500 <br />Plant 9 — 3.56 acres $1.73 per sq. ft. (triple <br />net) and sale price of $462,500 <br />Total Site — 29.46 acres $1.60 sq. ft. (triple <br />net) and sale price of $1,967,500 <br />Staff requests approval of Resolution <br />No. 2959. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2959 <br />approving the fair market value of property <br />in the Airport Economic Development Area. <br />(401 N. Bendix Drive) <br />(7) Bid Specifications and Design <br />Considerations for 401 N. Bendix Drive. <br />Mr. Sikora noted that the Bid Specifications <br />outline the uses and development <br />requirements that will be considered for this <br />site, including that the property is offered in <br />an "as is" condition and that proposals must <br />include a reuse plan and project timeline. <br />Emphasis will be placed on compatibility <br />with the goals and objectives of the area's <br />development plan. Staff asks for the <br />approval of the Bid Specifications and <br />Design Considerations for the disposition of <br />this property. <br />15 <br />COMMISSION APPROVED RESOLUTION NO. 2959 <br />APPROVING THE FAIR MARKET VALUE OF <br />PROPERTY IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (401 N. BENDIX DRIVE) <br />