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South Bend Redevelopment Commission <br />Regular Meeting —March 7, 2003 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(4) continued... <br />parcels without buying the third one. <br />Mr. Schalliol also noted that we are buying <br />the property over multiple years. As part of <br />the negotiations, a percentage was added to <br />the acquisition price in lieu of interest. The <br />properties will be purchased over a six year <br />time period at a total of $42,000 per year <br />payout. It is pro -rated and at higher cost, but <br />it accomplishes several key goals for the <br />East Bank Master Plan. The parcel is a <br />large, very underutilized piece of property <br />on a very visible corner. The property is an <br />eye -sore and has a history of code <br />enforcement issues. Purchase of these <br />ILproperties will not only take care of a <br />problem property, but will allow the <br />Commission to own a marketable piece of <br />property in the East Bank. The counter <br />offers are a little high; however, acquiring <br />them will meet the goals and objectives set <br />forth in the South Bend Central <br />Development Area Development Plan. <br />Ms. Greene explained that essentially the <br />Commission is not actually paying an <br />amount that constitutes the purchase price <br />plus interest over six years. The fair market <br />value will actually be paid plus interest. <br />Mr. Hunt asked why the price for the middle <br />parcel was double the others. <br />Mr. Schalliol responded that it is because the <br />other parcels cannot be used without it. <br />IL Upon a motion by Ms. Jones, seconded by <br />Mr. Blake and unanimously carried, the <br />16 <br />