Resolution No 10-2024 - Agreement to Authorize the Purchase of 1150 E. Mishawaka Ave. (Kelly’s Pub)

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(Uniform Standards of Professional Appraisal Practice) USPAP SR 1-2 In developing a real property appraisal, an appraiser must: a) identify the client or other intended users. The client is identified as the City of South Bend. b) identify the intended use of the appraiser's opinion and conclusions: This appraisal report is prepared in connection with community development c) identify the purpose of the assignment, including the type and definition of the value to be developed and, if the value opinion to be developed is market value, ascertain whether the value is to be the most probable price: (i) in terms of cash: or (ii) in terms of financial arrangements equivalent to cash; or (iii) in other precisely defined terms (iv) if the opinion of value is based on non -market financing or financing with unusual conditions or incentives, the terms of such financing must be clearly identified and the appraiser's opinion of their contribution to or negative influence on the value must be developed by analysis of relevant market data. DEFINITION OF MARKET VALUE Market value is defined as the most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specific date and the passing of title from sellerto buyer under conditions whereby: a) Buyer and seller are typically motivated b) Both parties are well informed or well advised and both acting in what they consider their own best interest; c) A reasonable time is allowed for exposure in the open market: d) Payment is made in terms of cash in U.S. dollars, or in terms of financial arrangements comparable with the sale thereto, and: e) The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. OCC reg. 12 CFR 34 & NCUA regulation 722.2 (f), and sec. 225.62(g) of regulation Y of the Federal Reserve Board (12 C F.R. 225.52 (g), FCA 514.4240 (f) d) identify the effective date of the appraiser's opinions. The effective date is 2/5/2023.