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Redevelopment Commission Meeting <br />Regular Meeting — August 20, 2004 <br />E. Airport Economic Development Area <br />(1) Commission approval requested for <br />Resolution No. 2082 related to acquisition <br />of property in the Airport Economic <br />Development Area. <br />Ms. Hughes noted that Resolution No. 2082 <br />sets the fair market value for 24 parcels <br />owned by 14 different property owners in the <br />Airport Economic Development Area. The <br />fair market value was established based on <br />the average of two appraisals. The properties <br />are proposed to be acquired in furtherance of <br />the development area plan, in particular to <br />facilitate the growth and expansion of the <br />Bosch corporate facility. Commission <br />approval of this resolution will allow staff to <br />send written purchase offers to the owners <br />based on the voluntary acquisition policies. <br />Ms. Greene noted that the Commission does <br />not have the power of eminent domain in an <br />economic development area. Acquisition of <br />property is governed by I.C. 36.7.14 -19 <br />which requires adoption of a listing of <br />properties to be acquired and the price to be <br />offered for each. The offering price that the <br />Commission may make cannot initially <br />exceed the average of the two appraisals. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 2082 <br />related to acquisition of property in the <br />Airport Economic Development Area. <br />(2) Commission approval requested for <br />Resolution No. 2085 approving the <br />granting of certain easements to Indiana <br />& Michigan Power Company related to <br />14 <br />COMMISSION APPROVED RESOLUTION NO. 2082 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />