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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />continue ... <br />Development staffs have also identified a <br />need for coordinated improvements in the <br />sidewalks, alley and lighting along both <br />Michigan and Jefferson at this corner. For <br />these reasons, there is reasonable justification <br />for the Commission to acquire the plaza, a <br />potential aesthetic and functional centerpiece <br />of our downtown retail corridor, and for Staff <br />to embark in a site planning partnership with <br />the architectural team representing Hinman. <br />Schematic plans of the proposed <br />improvements will be presented to the <br />Commission at a subsequent meeting, along <br />with a contract for sale of land, which will <br />serve as a development agreement for the <br />overall project. <br />The value of the property has been <br />determined by the average of two certified <br />MIA appraisals at $155,500.00. Section II A <br />of the MOU reads, "In recognition of the <br />importance of Project to the social and <br />economic interests of the City and its <br />inhabitants and in order to induce the <br />Developer to proceed with the Project, the <br />Commission agrees to specifically authorize <br />a purchase price for the Plaza Property of the <br />greater of $200,000 or 125% of the average <br />of two appraisals obtained by the <br />Commission. As such, the resulting purchase <br />price to the Commission would be $200,000. <br />The Commission would agree to spend an <br />additional sum not greater than $200,000 on <br />improvements to the Plaza and surrounding <br />infrastructure upgrades to support the project, <br />for a total public investment capped at <br />18 <br />