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South Bend Redevelopment Commission <br />IL Regular Meeting —June 6, 2003 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(continued...) <br />(2) Staff report on acquisition of Sycamore <br />Street Properties in the South Bend <br />Central Development Area. (East Bank <br />Development) <br />Mr. Mathia noted that through Resolution <br />No. 1967, dated April 4, 2003, the <br />Redevelopment Commission authorized an <br />offer totaling $283,750 to acquire two (2) <br />properties on Sycamore Street belonging to <br />Mr. Ron Foudy. Counter offers were made <br />and Mr. Foudy has accepted the last counter <br />offer of $302,250. The subject property is <br />currently for sale and vacant and the <br />Commission would not incur any relocation <br />costs if the acquisition is completed at this <br />time. Mr. Mathia noted that acquisition of <br />the properties will further the Commission's <br />redevelopment goals and objectives for the <br />South Bend Central Development Area in <br />general and, more particularly, for the East <br />Bank area. Staff recommends accepting the <br />offer. <br />Ms. Greene noted that the Commission has <br />complied with I.C. 36- 7 -14 -19 which <br />governs the procedure for acquisition of <br />property. The offering price was initially <br />based on the average of two appraisals. <br />Consistent with the time line in this section <br />of the Code, staff was authorized to <br />negotiate. If the Commission accepts the <br />counter offer in excess of the two appraisals, <br />it must be because the Commission finds <br />that the price is reasonable, and the <br />acquisition is necessary and consistent with <br />the plan for the area. <br />20 <br />