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South Bend Redevelopment Commission <br />Regular Meeting —March 7, 2003 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearings <br />(3) continued... <br />Ms. Greene explained that since there has <br />been no closing as yet, the Monroes are still <br />the property owners of record. Ms. Greene <br />asked if Mr. Monroe could provide the <br />Commission with a copy of the contract. <br />She explained the first step is to add the <br />property to the acquisition list, it is expected <br />the next step is for the Commission to <br />authorize a purchase offer to buy the <br />property from the owners of record. That <br />purchase offer will be based on the average <br />of two independent appraisals that the <br />Commission is required by law to obtain. <br />As the owners of record, Mr. Monroe will <br />ILhave the opportunity to review that purchase <br />offer which spells out all of his legal rights. <br />He will then have the opportunity to <br />negotiate with staff members. Today's <br />action does not constitute the acquisition, <br />simply a beginning to that process. <br />Again, Ms. Greene asked if Mr. Monroe <br />would provide a copy of the current contract <br />with the developer and also keep the <br />Commission advised as he moves forward. <br />Ms. Greene noted that it was her <br />understanding that Mr. Monroe was not at <br />the meeting to remonstrate or object to the <br />project. <br />Mr. Monroe confirmed that he was not there <br />to remonstrate and that he has no intention <br />of altering the plans for the project at all and <br />invites the construction and development of <br />the area. <br />L1 <br />