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A <br />South Bend Redevelopment Commission <br />Regular Meeting —March 5, 2004 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(2) continued... <br />based on the average of two independent <br />appraisals. Mr. Tom Kinnucan, the proprietor, <br />has issued a counter offer in the amount of <br />$450,000. Staff recommends answering <br />Mr. Kinnucan with a final offer in the amount of <br />$410,000 based on the following justifications: <br />Acquisition of the property was initiated by <br />the City to preserve the Kennedy Park <br />neighborhood which surrounds the Hoosier <br />Tank property and is residential in character. <br />Mr. Kinnucan intends to expand the <br />business and relocate into a long time vacant <br />building also located in the Airport <br />Economic Development Area. <br />► The potential to achieve several objectives <br />and solidify purposed goals for the <br />development area is realized with the <br />transaction. <br />Mr. Hunt asked if the $410,000 counter offer <br />included any relocation costs. <br />Ms. Hughes responded that the amount of <br />$410,000 is a final offer by the City and <br />includes any allowance for relocation expenses. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved a counter offer in the <br />amount of $410,000 for property located in the <br />Airport Economic Development Area. (Hoosier <br />Tank) <br />13 <br />COMMISSION APPROVED A COUNTER OFFER IN <br />THE AMOUNT OF $410,000 FOR PROPERTY <br />LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (HOOSIER TANK <br />