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South Bend Redevelopment Commission <br />Regular Meeting — November 1, 2002 <br />L <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(3) continued... <br />of $310,000 and provided an appraisal <br />stating the value of the property at $400,000. <br />In response to the counter offer, the <br />Commission authorized the staff to engage <br />in negotiations with Key Bank and to accept <br />a price up to $310,000 for the property. The <br />price ultimately agreed to was $310,000 and <br />the owners' Acceptance of Counter Offer <br />was signed. Mr. Mathia explained that <br />acquisition of the property will assist the <br />City in achieving the goals of the South <br />Bend Central Development Area <br />development plan and will play a vital role <br />ILin meeting the objectives for long term <br />development in the River Glen Office Park. <br />Ms. Greene advised that the expansion <br />projects on -going in the River Glen Office <br />Park would eventually require additional <br />property acquisitions. This parcel was "sale <br />ready," and it was expedient to move <br />forward as Key Bank had a competing <br />bidder. It was noted that the purchase price <br />of $310,000 is reasonable, given the <br />property is vacant and no relocation costs <br />will be incurred. Staff requested the <br />Commission approve Resolution No. 1921 <br />approving the execution of documents and <br />ratifying the signatures of Ms. Greene and <br />Mr. Inks on the Acceptance of Counter <br />Offer. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1921 <br />and ratified the Acceptance of Counter Offer <br />22 <br />COMMISSION APPROVED RESOLUTION NO. 1921 <br />AND RATIFIED THE ACCEPTANCE OF COUNTER <br />OFFER FOR PROPERTY LOCATED AT 401 E. <br />MONROE IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (KEY BANK DRIVE -IN) <br />