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South Bend Redevelopment Commission <br />ILRegular Meeting — February 7, 2003 <br />6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(continued...) <br />(7) Staff report on acquisition of <br />property in the South Bend Central <br />Development Area. ( Franny's <br />Restaurant) <br />Mr. Rock reported that the property is <br />located at 416 S. Main Street and is <br />more commonly known as Franny's <br />Restaurant. Staff sent a purchase offer <br />to the owners in the amount of <br />$105,000 based upon the average of <br />two (2) independent appraisers. Staff <br />has continued to negotiate with the <br />property owners and the owners have <br />made a counter offer of $175,000. <br />IL Staff recommends accepting the <br />counter offer of $175,000 for the <br />following reasons. <br />14 <br />► This particular piece of property, if <br />purchased, would give the <br />Commission control of a quarter block <br />for future development. <br />► The property has had several <br />restaurants in the building, but none <br />have been very successful. If the <br />Commission purchases the property it <br />could be used for another type of <br />commercial venture that would fit in <br />well with the new Bankruptcy Court <br />located to the west of the property. <br />► The south side of the Downtown area <br />is currently being developed and the <br />purchase of this property along with <br />what the Commission now owns <br />could, with the right development, be a <br />25 <br />