UPDATE: 3:30 p.m. $1,500 bike stolen in armed robbery

An armed robbery occurred Friday morning involving the presentation of a knife and the theft of a bicycle, according to IU Police Department reports.\nThe victim told police that a man stopped him on Third Street, in front of Memorial Hall at 12:30 a.m., said IUPD Capt. Jerry Minger, in a news release.\n“The man displayed a fixed blade knife from a sheath on his belt, and stole his bicycle,” Minger said.\nThe perpetrator was described as a tall, black male, with a muscular build, wearing a black coat or sweater, blue jeans, and a black hat pulled low over his head, Minger said.\nThe stolen bike is described as a Trek, Fuel 90, with a black frame, light blue lettering and red handgrips. The bike is estimated to be worth $1,500, Minger said.\nThe suspect was last seen riding east on Third Street, away from Memorial Hall. Officers searched the area but were unable to locate the suspect, Minger said.\nAnyone with information about the incident or the identity of the suspect is asked to contact the Investigation Section of the IU Police Department at 855-4111.