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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –November 2, 2010 <br /> <br />5. OLD BUSINESS (CONT.) <br /> <br />A. South Bend Central Development Area <br /> <br />(1) continued… <br /> <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 /> <br />CRN.2744 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AND ACCEPTING A COUNTER OFFER <br />Mr. Downes and unanimously carried, the <br />$150,000 <br />IN THE AMOUNT OF FOR THE <br />Commission approved Resolution No. 2744 <br />SB <br />ACQUISITION OF PROPERTY IN THE OUTH END <br />approving and accepting a counter offer in <br />CDA <br />ENTRAL EVELOPMENT REA <br />the amount of $150,000 for the acquisition of <br />property in the South Bend Central <br />Development Area. <br /> <br /> <br />6. NEW BUSINESS <br /> <br /> <br />A. Housing <br /> <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 /> <br />Mr. Inks noted that the loan is in the amount <br />of $9,300. The grant is $9,148.50. <br /> <br />CLG <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED THE OAN AND RANT <br />SBH <br />IN CONNECTION WITH THE OUTH END OME <br />Mr. Alford and unanimously carried, the <br />IP <br />MPROVEMENT ROGRAM FOR PROPERTY <br />Commission approved the Loan and Grant in <br />2522FS. <br />LOCATED AT REDRICKSON TREET <br />connection with the South Bend Home <br />(GW) <br />LORIA HITTAKER <br />Improvement Program for property located at <br /> 5 <br /> <br />