#3184- Deed; QUIT-CLAIM DEED Vacant Lot Next to 225 Donald Street

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Sale of Property V/L East Donald Street .18-7037-1497 Advertised Sale Price Sale Price Cost of Appraisal CD Staff Time Legal Staff Time Board of Works Staff Time Certified Mail Recording Fee Transfer Fee 4 hours @ $21/hour 2 hours @ $25/11our 1 hour @ $15/hour 2 hours @ $15/hour Additional Costs to be paid by Purchaser Legal Notice South Bend Tribune Tri-County News $400.36 $84 _ $50 _ $15 _ $30 $4.64 $14 $2 S600 $50 (est.) $40 est. S90.00 Total (est.) _ $690.00 (@ 5a.21 isq. ft) A. The highest and best use of the tract is its sale to an abutting land owner. The parcel is approximately 34' wide by 128' long (4,352 sq. ft), a size that is buildable for a new single family structure according to current code, though lot width is only 34ft, and code stipulates 40ft, so a variance would be required. The parcel offers an opportunity to create additional yard space for an adjacent parcel that has very little side yard. Abutting Owner(s): 18-7037-1496; Halton West, 225 East Donald Street, South Bend, IN 466I4 Abutting Owner(s): 18-7037-1499; Brett Newton, 231 East Donald Street, South Bend, rN 46614 B. The cost to the public of maintaining the tract equals or exceeds the estimated fair market value of the tract. The tract's recorded assessed value is $1,800.00 for taxing purposes. Vacant lots owned by the City of South Bend are assessed at commercial rates, and do not reflect true market value for vacant, residential lots. Comparable vacant, residential lots in that neighborhood are generally assessed at approximately $50/front foot. The subject lot has 34' of frontage, resulting in an estimated assessment of approximately $1,700. The cost of mowing this tract is estimated at $96.50 per mow, at a minimum of 5 times per year, equaling $482.50 per year. C. It is economically unjustifiable to sell the tract through the regular bidding process. C: IDocuments and Settings lAJA COB 4Local Seningsl Tenip VAA Sale Price Worksheet.doc