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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –July 9, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <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 /> <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 /> <br />CRN.2721 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AN ACCEPTING A COUNTER OFFER <br />Mr. Alford and unanimously carried, the <br />FOR THE ACQUISITION OF PROPERTY IN THE <br />Commission approved Resolution No. 2721 <br />AEDA <br />IRPORT CONOMIC EVELOPMENT REA <br />approving an accepting a counter offer for <br />(1506S.CS.) <br /> ATALPA T <br />the acquisition of property in the Airport <br />Economic Development Area (1506 S. <br />Catalpa St.) <br /> <br /> <br />(11) Real Estate Donation Agreement with <br />Community Enterprises Properties LLC <br />(Ivy Tech), 412 E. Sample Street, former <br />Habitat Restore) <br /> <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 /> 22 <br /> <br />