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South Bend Redevelopment Commission <br />Regular Meeting —June 4, 2004 <br />ILI 6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(1) continued... <br />permission to enter the property to begin <br />construction after execution of an <br />indemnification agreement <br />Ms. Greene advised that the property was <br />previously for sale and was not purchased; <br />therefore, the original offering price is no <br />longer an issue. Indiana Code 36- 7 -14 -22 <br />governs the disposition of property by the <br />Redevelopment Commission. The <br />Commission may adjust offering prices in a <br />manner that is considered necessary to <br />further the redevelopment plan or <br />development plan for the area. In <br />determining whether or not to sell a parcel <br />of property, the Redevelopment Commission <br />may consider any factors that will assure that <br />the disposition of property, if made, would <br />further the execution of the development <br />plan and best serve the interest of the <br />community from the standpoint of both <br />human and economic welfare. In this <br />particular case, it is precedent setting that <br />the Commission would be taking this action; <br />however, there is no recommendation nor <br />suggestion by staff that this action set a <br />precedent for future transactions. The <br />property has been sitting idle and has not <br />been generating taxes for the City and the <br />proposed transaction would restore the <br />property to the tax rolls. <br />Mr. Blake asked if there were any provisions <br />in the transaction for tax abatement. Mr. <br />Rock responded there was not. The building <br />was constructed previously. <br />IL 10 <br />