Laserfiche WebLink
C South Bend Redevelopment Commission <br />Regular Meeting — February 4, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. Sample -Ewing Development Area <br />(3) continued... <br />have been conducted by MAI certified <br />professional appraisers and the average value <br />of those two (2) appraisals is $103,250. <br />Staff has been in discussions with <br />representatives of Norfolk Southern Railway <br />regarding the property, and the company <br />appears to be a willing seller. The purchase <br />offer to be sent to Norfolk Southern has the <br />following five criteria: <br />1) Fair market value of $103,250 <br />2) The Commission retains the right to <br />acquire the property through eminent <br />domain. <br />3) The offer is contingent upon <br />confirmation that the property is free <br />from any environmental condition. <br />4) The Commission will have twelve (12) <br />months to conduct environmental testing <br />on the property. <br />5) One hundred percent of the purchase <br />price shall be placed in an escrow <br />account awaiting the results of the <br />environmental investigation. <br />Staff recommends approval of Resolution <br />No. 2137 setting the fair market value and <br />approving a purchase offer for the former rail <br />yard in Studebaker Area A. <br />Ms. Greene noted that this transaction is <br />slightly different than what the Commission <br />generally does in terms of property <br />acquisition, although very consistent with <br />I.C. 36- 7 -14 -19 governing acquisition of <br />IL 15 <br />