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South Bend Redevelopment Commission <br />Regular Meeting — December 16, 2005 <br />4. COMMUNICATIONS <br />There were no Communications. <br />5. OLD BUSINESS <br />There was no Old Business. <br />6. NEW BUSINESS <br />A. Receipt of Proposals <br />(1) Receipt of Proposals for property located <br />in the South Bend Central Development <br />Area. (Osco's Drug Store, 126 S. <br />Michigan) <br />Mr. Inks noted that one proposal was <br />received by the 10:00 a.m. deadline. The <br />proposal was from The South Bend <br />Chocolate Company. Ms. Greene looked <br />over the proposal and noted that it contained <br />an Application, Affidavit of Non - Collusion, <br />and Statement for Public Disclosure, all <br />properly executed. The proposal offered <br />$100,000 for the property, and a ten percent <br />performance guarantee was included in the <br />amount of $10,000. Ms. Greene noted that <br />the offering price of $400,000 set by the <br />Commission was based on a fair market <br />value established by two independent <br />appraisers as required by statute. The <br />proposal does not meet that offering price; <br />therefore the bid is non - conforming. Based <br />on I.C. 36 -14 -22 the Commission must wait <br />not less than thirty days before accepting any <br />offer less than the minimum offering price. <br />Mr. Mark Tamer, South Bend Chocolate <br />Company (SBCC) explained his proposal. <br />SBCC proposes to invest between $600,000 <br />and $750,000 to rehab the existing building <br />L <br />THERE WERE NO COMMUNICATIONS <br />THERE WAS NO OLD BUSINESS <br />