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South Bend Redevelopment Commission <br />Regular Meeting –October 2, 2009 <br /> <br />6. NEWOLD BUSINESS (CONT.) <br /> <br />B. South Bend Central Development Area <br /> <br />(4) continued… <br /> <br />of property in the South Bend Central <br />Development Area (Fred’s Shops LLC) <br /> <br /> <br />(5) Resolution No. 2604 related to acquisition <br />of property in the South Bend Central <br />Development Area (The Manor, 118 S. <br />Main) <br /> <br />Mr. Schalliol noted that Resolution No. 2604 <br />sets the acquisition offering price for 118 S. <br />William at $118,500, the average of two <br />qualified appraisals. The Manor sits on the <br />east side of William Street in a block that has <br />seen significant reinvestment over the last <br />several years. With the relocation of the two <br />story apartment building for use as the HLFI <br />headquarters, the complete restoration of the <br />two story apartment building on Franklin and <br />the on-going restoration of the two multi- <br />units on the south end of the block, the <br />Manor building is no longer a consistent land <br />use on the block. <br /> <br />Due to constraints by Madison Center to <br />remove this property from their books, the <br />staff has worked out a purchase agreement <br />with Madison Center to buy the Manor below <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 /> 10 <br /> <br />