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South Bend Redevelopment Commission <br />Regular Meeting — December 2, 2005 <br />5. OLD BUSINESS <br />A. Airport Economic Development Area <br />(1) continued... <br />proposes to "split the cost" between its <br />revised proposal of $184,950 and the <br />Commission's revised appraisal amount of <br />$289,374 and accordingly, proposes a sale <br />price of $235,200 for the three parcels. <br />Mr. Schalliol reminded the Commission that <br />in 1998, Lots 4, 5 and 6 were put up for <br />disposition by the Redevelopment <br />Commission. In April 1998 no bids were <br />received. The properties have been on the <br />market continuously since 1998 without <br />success. In June 2004 GE /CE submitted a <br />proposal to purchase the lots one at a time <br />ILafter Lots 4, then 5 were developed. Between <br />June 2004 and the present there has been <br />continuous, uninterrupted negotiation with <br />the developer until the staff presented new <br />appraisal numbers at the Commission's <br />request at itsNovember 18 meeting. At the <br />Commission's authorization, staff presented <br />the average of the two appraisals, $289,374, <br />as a revised purchase price under the <br />condition that the developer purchase and <br />develop all three lots. The developer has <br />now countered with a proposed purchase <br />price of $235,200. Staff recommends <br />accepting the developer's offer in the amount <br />of $235,200. Staff will commit to closing on <br />the properties within 60 days so that <br />development can begin on the site in 2006. <br />Mr. King acknowledged the patience and <br />perseverance of the developer and staff, as <br />well as the amount of work each contributed, <br />c, <br />