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Redevelopment Commission Meeting <br />Regular Meeting — June 18, 2004 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(2) Staff report on acquisition of property in <br />the South Bend Central Development Area. <br />(Rink Property) <br />Mr. Mathia noted that Resolution No. 2052 <br />authorized an offer of $409,500 to be made for <br />acquisition of the subject property. Mr. <br />Thomas Brademas, Jr., owner of the property, <br />countered with an offer of $465,000. Staff <br />made a final offer of $437,500 which Mr. <br />Brademas has accepted. <br />The Redevelopment Commission is requested <br />to approve the acquisition of the subject <br />properties for the amount of $437,500. In <br />approving that amount the Commission must <br />make the affirmative finding that the sum <br />authorized in excess of the average of the two <br />appraisals is reasonable, the acquisition of the <br />property is necessary to accomplish <br />development in the area, and such acquisition <br />is consistent with the development plan for the <br />area. Staff recommends approval of the <br />acquisition for the stated amount. The subject <br />property is currently for sale and vacant. The <br />Commission would not incur any relocation <br />costs if the acquisition is completed at this <br />time. The extra cost of $28,000 is reasonable <br />given the savings in relocation costs and the <br />imprecise nature of the process used to <br />determine appraisal estimates. Acquisition of <br />the property will further the Commission's <br />redevelopment goals and objectives for the <br />South Bend Central Development Area in <br />general and more particularly for the East <br />Bank Area. The site is a high profile location <br />on the St. Joseph River that is key to <br />successfully implementing the Commission's <br />IL <br />