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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 />of the First Bank Building interest. <br />Resolution No. 1921 approves an addendum <br />to the existing contract that was executed in <br />1998 and it includes a finding that <br />acquisition of the property is necessary and <br />the purchase price is reasonable. Resolution <br />No. 1921 also authorizes the signing of the <br />completed documents when finalized. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1921 <br />approving the execution of an Addendum to <br />Contract for Purchase and Sale of Real <br />Estate and other related documents <br />concerning acquisition of property located in <br />the South Bend Central Development Area. <br />Mr. Faccenda abstained from the vote. <br />(3) Commission approval requested for <br />Acceptance of Counter Offer for property <br />located at 401 E. Monroe in the South <br />Bend Central Development Area. (Key <br />Bank Drive -In) <br />Mr. Mathia reported that the property is <br />located at 401 E. Monroe Street, the Key <br />Bank Drive -In building in the River Glen <br />Plaza. Resolution No. 1913 previously <br />authorized an offer to be made on the <br />property. The property was listed for sale at <br />a price of $310,285 by Key Bank, the current <br />owner. The Commission's offer was <br />$273,00 based on the average of two <br />appraisals. Key Bank made a counter offer <br />21 <br />COMMISSION APPROVED RESOLUTION NO. 1921 <br />APPROVING THE EXECUTION OF AN ADDENDUM <br />TO CONTRACT FOR PURCHASE AND SALE OF <br />REAL ESTATE AND OTHER RELATED DOCUMENTS <br />CONCERNING ACQUISITION OF PROPERTY <br />LOCATED IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. <br />