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South Bend Redevelopment Commission. <br />Rescheduled Regular Meeting —June 8, 2007 <br />6. NEW BUSINESS {CONY.} <br />A. Public Hearings <br />(1) continued.. . <br />checked prior to this rnecting. As of <br />10:00 a.m., June 8, 2007 there were <br />Witten remonstrances received <br />related to Resolution No.2334. <br />Ms.. ones opened the public hearing for L)in,ic, HEARING ON RES01-UTION N o. 2 334 <br />anyone who wished to speak. There was no <br />one who wished to speak- regarding <br />Resolution No. 2334. Ms. Jones closed the <br />public hearing. <br />iv1r. zko s i noted file uf. l -11 <br />between. Resolution No. 2334 and upcoming <br />agenda item .H.i. Resolution No. 2345. In <br />Exhibit A for Resolution No. 2334 the <br />estimated cost of'acquisition is given as <br />approximately $ 00,000. Resolution <br />No. 2345 states an offering price of $65,500. <br />He asked what accounts for the discrepancy. <br />Mr. Schallioi responded that $65,500 is the <br />average of the to appraisals done on the <br />property and must be the pee offered in the <br />purchase offer. The resolution adding the <br />property to the acquisition list is typically <br />approved prior to receiving the appraisals, so <br />it uses a generous estimate of the price that <br />nniht be offered in order to not have to <br />repeat the process if the appraisals come in <br />high. <br />Mr. Fee kowski asked what happens to the <br />extra $35,400 when too much is allocated <br />and then net used. Mr. Inks responded that <br />the money is not allocated by the resolution. <br />.II is a planning tool indicating what the value <br />13 <br />