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309 <br />REGULAR MEETING MAY 31, 1994 <br />2. That the appraisals of the Real Property made by Ruth <br />Hoover, dated as of February 8, 1994 and those dated as of <br />February 14, 1994 made by Douglas L. Carpenter shall be and hereby <br />are determined to be reliable and competent and the same shall be <br />and hereby are ratified and deemed the appraisals of the Board of <br />Public Works of the City of South Bend, Indiana (hereinafter, the <br />"Board") pursuant to the requirements of I.C. 36-1-11-4(a). <br />3. That the fair market value of Parcel I of the Real <br />Property shall be and hereby is determined to be $57,200 and that <br />the fair market value of Parcel II of the Real Property shall be <br />and hereby is determined to be $15,250. <br />4. That the Parcel I and Parcel II of the Real Property <br />shall be and hereby are ordered offered for sale for no less than <br />their respective fair market values, as herein determined. <br />5. That the sale of the Real Estate shall begin as of June <br />3 1994 and continue until June 20, 1994. <br />6. That the Real Estate shall be available for public <br />pection on June 12, 1994 from 10:00 A.M. until 4:00 P.M. <br />7. That the Real Estate may not be sold to a person who is <br />ineligible to bid under I.C. 36-1-11-16. <br />8. That any bid submitted by a trust must identify each <br />ficiary of the trust and each settlor empowered to revoke or <br />fy the trust. <br />9. That all bids for the Real Estate shall be open to <br />public inspection. <br />10. That a bidder may raise his or her bid at any time prior <br />to 4:00 P.M. June 15, 1994. <br />11. That the Clerk of the Board shall be and hereby is <br />d rected to give written notice to all bidders whenever any bidder <br />r ises his or her bid. A bid that has been raised takes effect <br />a ter the Clerk has given such written notice. <br />12. That all bids must be accompanied by a bond or certified <br />ck in an amount not less than ten percent (10%) of the bid. <br />13. That the Board may, before June 20, 1994, sell the Real <br />Estate, or a parcel thereof, to the highest bidder, in accordance <br />with the requirements of I.C. 36-1-11-4(f). <br />14. That all bids must include a description of the use to <br />which the bidder intends to put the Real Estate. Preference will <br />be given to proposed uses which are permissible under the current <br />residential zoning classification of the Real Estate and which do <br />not require a change in the zoning classification of the Real <br />E tate. <br />15. That the Board shall sell the Real Estate, if at all, to <br />the highest and best bidder, subject to the approval of the Mayor <br />and Common Council of the City of South Bend. The best bidder <br />will be that bidder(s) proposing to put the Real Estate to a use <br />t at, in the sole discretion of the Board, is compatible with its <br />p oximity to the Elbel Golf Course. <br />16. That the Board may elect to sell one or both parcels of <br />the Real Estate, may determine that the best bidder by reason of <br />the intended use to which the Real Estate or any portion of it <br />w'111 be put by a bidder, and may elect to reject all bids. <br />17. That the Board will not consider any bids that call for <br />