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South Bend Redevelopment Commission <br />Regular Meeting — July 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(1) continued... <br />Railroad Company. The authorized offering <br />price was set by the Commission at <br />$103,250. <br />Staff received a counter offer from Norfolk <br />Southern Corporation dated June 29, 2005 in <br />the amount of $115,000. Norfolk Southern <br />hired an MAI appraiser following their <br />receipt of the purchase offer from the <br />Commission, and their counter offer reflects <br />the value noted in their disposition appraisal. <br />Staff feels that this counter offer, which <br />amounts to approximately $16,000 per acre, <br />is both fair and reasonable. Given the fact <br />that the Commission cannot exercise eminent <br />domain against a railroad company (as <br />determined by legal counsel), staff feels that <br />coming to such a quick agreement on price <br />with the railroad is a blessing. Staff <br />recommends accepting the counter offer. <br />Upon approval, staff will work with legal <br />counsel and Norfolk Southern representatives <br />to develop an equitable purchase agreement <br />that will then be brought to the Commission <br />for its approval. <br />Ms. Greene noted that Norfolk Southern <br />indicated that it is their internal policy to <br />provide us with a sales contract, so we will <br />be waiting for that to arrive and report back <br />to the Commission as necessary <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission accepted the counter offer of <br />$115,000 from Norfolk Southern Corporation <br />IL 1 13 <br />COMMISSION ACCEPTED THE COUNTER OFFER OF <br />$115,000 FROM NORFOLK SOUTHERN <br />CORPORATION FOR PROPERTY BETWEEN <br />KENDALL AND FRANKLIN STREETS IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. <br />