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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 />needs to be taken before the Common <br />Council. Staff has obtained a cost estimate <br />from Meridian Title Corporation for the title <br />insurance of $1,080. <br />Staff recommends the Commission accept <br />the offer from Madison Center and authorize <br />Legal Counsel to complete negotiations and <br />prepare a Contract for Sale of Land. No <br />other offers have been submitted for the <br />property since the bid was issued. The price <br />offered is greater than the Commission's <br />lowest appraisal estimate and also greater <br />than the Commission's investment in the <br />property. <br />Ms. Greene noted that this type of <br />transaction is covered by Indiana <br />Code 36- 7 -14 -22 concerning the sale of <br />property. As Mr. Mathia noted, the <br />Commission has obtained the two <br />independent appraisals that are required. <br />The Commission has also offered this <br />property for bid and, since no responsive <br />bids were received, waited the appropriate <br />thirty (30) days required by statute. The <br />Commission may sell the property at a price <br />less than that on the original offering sheet. <br />If the Commission chooses to do that, it <br />would need to make a finding that it is <br />appropriate and reasonable to accept a lower <br />offering price. <br />12 <br />