2. Minutes 10/2/09 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -October 2, 2009 the appraisal information (high appraisal value at $240,000), the current tax assessment value ($247,500) and values paid in this area ($10.25/SF), staff believes the counter offer is reasonable and recommends accepting the counter offer. When acquired, the site will be cleared to facilitate new development in the Coveleski Park Planning Area. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved Resolution No. Resolution No. 2603 approving and accepting a counter offer for the acquisition of property in the South Bend Central Development Area (Fred's Shops LLC) (5) Resolution No. 2604 related to acquisition of property in the South Bend Central Development Area (The Manor, 118 S. Main) Mr. Schalliol noted that Resolution No. 2604 sets the acquisition offering price for 1 18 S. William at $118,500, the average of two qualified appraisals. The Manor sits on the east side of William Street in a block that has seen significant reinvestment over the last several years. With the relocation of the two story apartment building for use as the HLFI headquarters, the complete restoration of the two story apartment building on Franklin and the on-going restoration of the two multi- units on the south end of the block, the Manor building is no longer a consistent land use on the block. Due to constraints by Madison Center to remove this property from their books, the staff has worked out a purchase agreement with Madison Center to buy the Manor below COMMISSION APPROVED RESOLUTION N0. RESOLUTION NO.26O3 APPROVING AND ACCEPTING A COUNTER OFFER FOR THE ACQUISITION OF PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA (FRED'S SHOPS LLC) 9