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South Bend Redevelopment Commission <br />Regular Meeting— September 19, 2003 <br />6. NEW BUSINESS <br />D. South Bend Central Development Area <br />(4) continued... <br />Mr. Mathia reported that the Crescent <br />Avenue properties are located between Niles <br />and Hill Streets. These properties were <br />offered for bid with a closing date of <br />February 21, 2003. On that date, no <br />responsive offers were received. The <br />required minimum offer was $521,500. <br />After the thirty (30) day waiting period <br />expired, staff entered into a series of <br />negotiations with Madison Center, Inc. for <br />the property. Those negotiations resulted in <br />an offer from Madison Center with a <br />purchase price of $480,000. The offer is <br />conditioned on three items in addition to the <br />standard purchase conditions regarding <br />marketable title, title insurance and taxes <br />(1) The City provide title insurance in the <br />amount of the purchase price; (2) The City, <br />at its expense, vacate a street that was never <br />constructed and which is located south of the <br />intersection of Crescent Avenue and Hill <br />Street; and (3) The City support the rezoning <br />of the property to a classification which will <br />permit the construction of a child/adolescent <br />clinical service building and a residential <br />facility for patients. <br />The appraisal amounts the City received for <br />the property were $473,000 and $570,000. <br />The City has invested approximately <br />$446,000 in the properties for acquisition, <br />demolition, asbestos abatement, etc. It <br />would take slightly more staff time to finish <br />the vacations as the process has already been <br />before the Board of Public Works. It now <br />11 <br />