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South Bend Redevelopment Commission <br /> Regular Meeting—April 26, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> D. Airport Economic Development Area <br /> (1) continued... <br /> Mr. Varner stated that it's potentially a <br /> valuable piece of property, but not needed by <br /> the city today. He thought the owner could <br /> get more money ($500,000) for it later if he <br /> waited until development had occurred in <br /> Ignition Park. He thought a developer might <br /> purchase it directly without city involvement. <br /> Mr. Gibney responded that a future developer <br /> would expect to purchase cleared land. No <br /> developer would pay $300,000- $500,000 for <br /> that property without the city's involvement, <br /> because of the predevelopment costs. <br /> Mr. Alford said he was not familiar with the <br /> Jeep Acres property. He wondered if the <br /> new location would improve Prairie <br /> Salvage's business prospects. <br /> Mr. Downes said that he would be concerned <br /> that development of Ignition Park might be <br /> hindered if the Commission does not acquire <br /> this property. <br /> Mr. Relos noted that if the Commission is <br /> satisfied that the $104,000 is a reasonable <br /> price for the property, which he believes it is, <br /> then the relocation costs are what they are. <br /> There was a small building on the property <br /> which the appraisers gave no value to. Mr. <br /> Relos believes it to be worth something. <br /> Mr. Downes made a motion to approve COMMISSION REJECTED RESOLUTION No.2872 <br /> Resolution No. 2872. Mr. Alford seconded <br /> the motion. The motion failed on a vote of <br /> two to one. Mr. Varner was opposed. <br /> 14 <br />