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South Bend Redevelopment Commission <br />Regular Meeting –January 15, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />D. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />Ms. King asked whether CB Richard Ellis is <br />both the listing and sales agency for the <br />Kroger property. Mr. Pink said that it is, <br />though different agents. <br /> <br />Ms. King suggested that from a business <br />standpoint, Habitat should get a current <br />appraisal of the property. <br /> <br />Mr. Inks noted that the Commission is <br />essentially buying the property for Habitat. <br />He asked whether the city needed to close on <br />this deal on a fast track. Mr. Relos <br />responded that it does not. <br /> <br />Ms. Spivey asked whether, in the interest of <br />moving the project along, the Commission <br />could take some action indicating its intent to <br />participate in the project. <br /> <br />Mr. Pink asked if the appraisal came back <br />lower than $345,000, would the Commission <br />expect the seller to accept that price. Mr. <br />Downes responded that a lower appraisal <br />would improve Habitat’s negotiating <br />position. <br /> <br />Mr. Pink asked who would spend $2,400 to <br />get an appraisal done, not knowing if the <br />Commission would approve the acquisition <br />of Sample Street after the appraisal. He <br />noted that a letter of understanding, not <br />necessarily a purchase agreement, could be <br />drafted for the Main Street property. Or a <br />purchase agreement could be drafted with the <br />contingency that the Main Street property <br /> 27 <br /> <br />