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South Bend Redevelopment Commission <br />Regular Meeting — November 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) continued... <br />Jefferson development parcel, which is vital <br />to the South Bend Central Development <br />Area development plans. <br />Ms. Greene advised that the original <br />appraisals on the property were completed in <br />1997. The acquisition is related to a project <br />which requires the purchase of five separate <br />parcels that will become a combined site. A <br />60,000 sq ft office building is tentatively <br />planned for the combined site, and this <br />property is key to accomplishing that <br />objective. It was determined that <br />construction of an office building of such <br />ILI size could not be accomplished while <br />providing alternative parking for the tenants <br />of the First Bank Building. Although the <br />purchase price noted in the amendment is <br />greater than the amount previously agreed <br />upon, it is reasonable for several reasons <br />including that with any potential <br />condemnation action, more than the value of <br />the property itself would be a consideration. <br />Any damages the Commission would be <br />obligated for with respect to impairment of <br />the interest of the First Bank Building would <br />also be a factor. <br />During the negotiation process, Is' Source <br />proposed to staff and legal counsel that the <br />purchase price be increased to $170,000. <br />The additional compensation takes into <br />consideration the fact that the Commission's <br />appraisals are several years old, the loss of <br />parking spaces and the potential impairment <br />r+'' 20 <br />