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South Bend Redevelopment Commission <br />Regular Meeting - -May 21, 2004 <br />6. NEW BUSINESS (CONT.) <br />I. Other <br />(1) continued... <br />wanted to be bought out, the City agreed to <br />purchase the properties. The City <br />implemented a policy concerning voluntary <br />acquisitions under those circumstances. <br />Making a purchase offer prior to annexation <br />assures that the seller is comfortable with the <br />price being offered, and is then willing to <br />proceed with the involved process of <br />annexation. The offering price is based on <br />the average of two (2) appraisals; however, <br />under the Voluntary Acquisition Policy, the <br />offer can equal the higher of the two <br />appraisals. Mr. Inks noted that the highest <br />appraisal for 23977 Brick Road is $136,000. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved the acquisition of <br />property located at 23977 Brick Road <br />contingent upon completion of annexation <br />into the City of South Bend and expansion <br />of the Airport Economic Development Area. <br />7. PROGRESS REPORTS <br />There were no progress reports. <br />8. NEXT COMMISSION MEETING <br />The next Regular Meeting of the Redevelopment <br />Commission is scheduled for June 4, 2004 at <br />10:00 a.m. <br />9. ADJOURNMENT <br />COMMISSION APPROVED THE ACQUISITION OF <br />PROPERTY LOCATED AT 23977 BRICK ROAD <br />CONTINGENT UPON COMPLETION OF ANNEXATION <br />INTO THE CITY OF SOUTH BEND AND EXPANSION <br />OF THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA. <br />PROGRESS REPORTS <br />NEXT COMMISSION MEETING <br />There being no further business to come before the ADJOURNMENT <br />Redevelopment Commission, Mr. Kahn made a <br />motion that the meeting be adjourned. Mr. Hunt <br />seconded the motion and the meeting was adjourned <br />at 10:30 a.m. <br />13 <br />