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South Bend Redevelopment Commission <br />Regular Meeting —April 26, 2011 <br />believes it is prudent to purchase it now. <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 <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 />Mr. Varner then desired to reconsider his <br />vote and retracted his vote. Prior to Mr. <br />Varner's vote. Mr. Alford retracted his <br />second and Mr. Downes retracted his motion. <br />13 <br />COMMISSION REJECTED RESOLUTION NO. 2872 <br />COMMISSION RETRACTED ITS VOTE ON <br />RESOLUTION NO. 2872 <br />