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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting — November 2, 2010 <br />Ms. Jennings noted that in 1991 the city <br />administered a Rental Rehab program <br />whereby landlords could receive a loan to <br />improve their property. The loan could be <br />forgiven at the rate of 10% per year if the <br />property was maintained, was rented to low <br />and moderate income people, and taxes were <br />paid. The owner of 422 College St. met his <br />obligation under the agreement and is asking <br />the Commission to release the lien on the <br />property. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Rehabilitation <br />Agreement Release related to the Rental <br />Rehab Program. (422 College) <br />B. South Bend Central Development Area <br />(1) Resolution No. 2797 approving the Fair <br />Market Value of property in the South <br />Bend Central Development Area. (410 <br />South Main Street, Main & Western <br />parcel) <br />Mr. Schalliol noted that the Commission has <br />owned the Main and Western parcel for <br />several years. Recently the Commission has <br />had environmental testing done on the site. <br />Staff has received a letter from IDEM stating <br />that no further action is required. Staff <br />would now like to dispose of the parcel. <br />Resolution No. 2797 sets the fair market <br />value for the property located at 410 South <br />Main Street at $80,825, the average of two <br />independent appraisals. The parcel is + <br />34,055 sq ft (139 ft x 245 ft) in size. The <br />property is zoned "CBD" or Central Business <br />District. <br />n <br />COMMISSION APPROVED THE REHABILITATION <br />AGREEMENT RELEASE RELATED TO THE RENTAL <br />REHAB PROGRAM. (422 COLLEGE) <br />