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South Bend Redevelopment Conunission <br />Regular Meeting-October 2, 2009 <br />appraised value at $96,271. The price is <br />fixed by a loan that is due on the property <br />and due to non-compliance issues with the <br />loan agreement, the loan needs to be paid in <br />full. The proposed purchase price would pay <br />the loan and relieve Madison Center of this <br />debt issue. Since the proposed acquisition <br />price is lower than the offering price, staff <br />requests approval of the purchase agreement. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously cai->•ied, the <br />Commission approved Resolution No. 2604 <br />related to acquisition of property in the South <br />Bend Central Development Area (The <br />Manor, 118 S. Main) <br />C. Airport Economic Development Area <br />(1) Resolution No. 2605 related to acquisition <br />of property in the Airport Economic <br />Development Area. (412 E. Sample St) <br />Mr. Relos noted that 412 E. Sample Street <br />was added to the Airport Economic <br />Development Area Acquisition List by <br />Resolution No. ?596 on August 26, 2009. It <br />was added in an effort to help Ivy Tech <br />expand classroom, storage, and parking <br />needs in light of their large increases in <br />enrollment. <br />There are four targeted properties along this <br />section of east Sample Street. With the <br />participation of the Commission, this section <br />of Sample will be rehabilitated; it will allow <br />Ivy Tech to create more classroom, parking, <br />and storage space; and it will show <br />community support for Ivy Tech, which will <br />help it secure more state funding for future <br />projects. The joint effort between the <br />Commission and Ivy Tech is to have the <br />COMMISSION APPROVED RESOLUTION NO. 2604 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA <br />(THE MANOR, 1 18 S. MAIN) <br />10 <br />