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South Bend Redevelopment Commission <br />Regular Meeting — March 18, 2005 <br />6. NEW BUSINESS (CONT.) <br />I. South Side Development Area <br />(1) continued... <br />Mr. Schalliol noted that on March 4, 2005 <br />the Commission approved Resolution <br />No. 2148 authorizing a purchase offer in the <br />amount of $106,000 to be sent to David and <br />Teresa Frye, owners of 4209 S. Main Street. <br />The offering price was the average of two <br />independent appraisals ordered by the <br />Commission. <br />The Fryes have submitted a counter offer in <br />the amount of $113,500. The subject <br />property is being acquired to allow for the <br />construction of the Main - Lafayette crossover <br />that is part of the Erskine Hills Shopping <br />District plan. The subject property is in a <br />target area in which the Commission <br />presently owns two other parcels. This <br />acquisition will help to facilitate the larger <br />goals of improved traffic circulation, creative <br />reuse of land and creation of new <br />development sites within the South Side <br />Development Area consistent with and <br />necessary to the development plan for the <br />area. <br />Staff requests approval of this counter -offer <br />proposal at the not -to- exceed amount of <br />$113,500. <br />Mr. Livingston noted that acquisition of <br />property is governed by I.C. 36- 7- 14 -19. <br />Under this section of the Code, the <br />Commission must approve and adopt a <br />listing of properties to be acquired and the <br />price to be offered. The offering price may <br />not exceed the average of two (2) <br />15 <br />