Laserfiche WebLink
South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -July 9, 2010 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(10) Resolution No. 2721 approving an <br />accepting a counter offer for the <br />acquisition of property in the Airport <br />Economic Development Area (1506 S. <br />Catalpa St.) <br />Mr. Relos noted that the owner of 1506 S. <br />Catalpa has made a counter offer of $25,000. <br />When looking only at the income approach <br />value for this property, each appraiser valued <br />it at $25,000, based upon a researched gross <br />rent multiplier for the area. Since this is a <br />rental property, staff feels the counter offer <br />by the owner is reasonable. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2721 <br />approving an accepting a counter offer for <br />the acquisition of property in the Airport <br />Economic Development Area (1506 S. <br />Catalpa St.) <br />(11) Real Estate Donation Agreement with <br />Community Enterprises Properties LLC <br />(Ivy Tech), 412 E. Sample Street, former <br />Habitat Restore) <br />Mr. Relos noted that on August 26, 2009, the <br />Commission approved the addition of four <br />properties along East Sample St to the <br />acquisition list of the Airport Economic <br />Development Area. These properties were <br />added in an effort to help Ivy Tech expand <br />classroom, storage, and parking space in light <br />of its large increases in enrollment. If staff <br />was able to acquire any of these properties, <br />Legal would then work with Ivy Tech on the <br />COMMISSION APPROVED RESOLUTION NO.2721 <br />APPROVING AN ACCEPTING A COUNTER OFFER <br />FOR THE ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1506 S. CATALPA ST.) <br />22 <br />