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Redevelopment Commission Meeting <br />Regular Meeting — August 20, 2004 <br />Commission accepted the counter offer of <br />$125,000 for the Basic Machine property. <br />(2) Commission approval requested for <br />Resolution No. 2086 setting the fair reuse <br />value of property in the West Washington - <br />Chapin Development Area (Oil Express, <br />1510 -1520 W. Washington) <br />Mr. Williams noted Resolution No. 2086 sets <br />the fair market value for 1510 -1520 W. <br />Washington St. at $119,000. Approval <br />authorizes staff to send a purchase offer for <br />that amount. <br />Mr. Hunt noted that the resolution number <br />printed on the resolution in the packet is in <br />error. The correct number is Resolution No. <br />2086 and should be so indicated. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 2086 <br />setting the fair reuse value of property in the <br />West Washington- Chapin Development Area <br />(Oil Express, 1510 -1520 W. Washington) <br />H. South Side Development Area <br />(1) Commission approval requested for <br />Resolution No. 2087 pledging certain tax <br />increment revenues to the payment of the <br />City of South Bend, Indiana, Taxable <br />Economic Development Revenue Bonds, <br />Series 2004 (Erskine Commons Project) <br />Mr. Rompola noted that Resolution No. 2087 <br />is in tandem with the previously approved <br />resolutions authorizing TIF revenue bonds <br />for the Erskine Commons project. In <br />addition to the TIF revenue bonds, there's <br />also a component to the financing which <br />16 <br />COMMISSION APPROVED RESOLUTION NO. 2086 <br />SETTING THE FAIR REUSE VALUE OF PROPERTY IN <br />THE WEST WASHINGTON- CHAPIN <br />DEVELOPMENT AREA (OIL EXPRESS, 1510 -1520 <br />W. WASHINGTON) <br />