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South Bend Redevelopment Commission <br />Regular Meeting — January 7, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(2) continued... <br />Commission to honor the property owners' <br />requests if possible, and to meet the <br />negotiated asking price as submitted to the <br />Commission. <br />Ms. Greene advised that acquisition of <br />property is governed by IC 36- 7 -14 -19 which <br />requires the Commission to obtain appraisals <br />for a determination as to the value of a <br />particular property to be acquired and <br />accordingly to then set the offering price <br />based upon the average of the appraisals. The <br />statute further grants the Commission the <br />right to exceed that offering price if it is <br />specifically authorized by the Commission. <br />Ms. Hughes has reported that the property to <br />be acquired is located in an economic <br />development area not subject to eminent <br />domain. Ms. Hughes has also reported to the <br />Commission that it is necessary to acquire <br />these properties in order to accomplish the <br />development plan for the area. <br />Mr. Hunt asked if this transaction completes <br />the acquisition of property in that area. Ms. <br />Hughes responded that there are three parcels <br />left. <br />Ms. Jones asked if the proposed property <br />prices are within the budget. Ms. Hughes <br />replied that they are. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved Resolution No. 2122 <br />related to acquisition of property in the <br />IL Airport Economic Development Area. <br />COMMISSION APPROVED RESOLUTION NO. 2122 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORTECONOMIc DEVELOPMENT AREA. <br />