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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting — November 2, 2010 <br />with the property owner of 502 Western to <br />come to agreement on a purchase price. <br />When the property was appraised in 2008 the <br />value was $85,750. The owner has offered <br />$150,000. In comparison, the Commission <br />paid $190,000 for Ritchie's Radiator, <br />$262,500 for Fred's Transmission and <br />$130,000 for the Son's of Israel Synagogue. <br />Staff recommends accepting the counter offer <br />for this important parcel. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2744 <br />approving and accepting a counter offer in <br />the amount of $150,000 for the acquisition of <br />property in the South Bend Central <br />Development Area. <br />6. NEW BUSINESS <br />A. Housing <br />(1) Loan and Grant in connection with the <br />South Bend Home Improvement Program <br />for property located at 2522 Fredrickson <br />Street. (Gloria Whittaker) <br />Mr. Inks noted that the loan is in the amount <br />of $9,300. The grant is $9,148.50. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Loan and Grant in <br />connection with the South Bend Home <br />Improvement Program for property located at <br />2522 Fredrickson Street. (Gloria Whittaker) <br />(2) Rehabilitation Agreement Release related <br />to the Rental Rehab Program. (422 <br />College) <br />COMMISSION APPROVED RESOLUTION N0.2744 <br />APPROVING AND ACCEPTING A COUNTER OFFER <br />IN THE AMOUNT OF $150,000 FOR THE <br />ACQUISITION OF PROPERTY IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE SOUTH BEND HOME <br />IMPROVEMENT PROGRAM FOR PROPERTY <br />LOCATED AT 2522 FREDRICKSON STREET. <br />(GLORIA WHITTAKER) <br />