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South Bend Redevelopment Commission <br />Regular Meeting —July 20, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. (Continued...) <br />MS. GREENE (Continued...) <br />go forward in any kind of development project. <br />The statute contemplates that the damages to a <br />property owner occur at the point and time that <br />the Commission would step in to actually <br />acquire that property. At which point in time, <br />you [the Commission] would have the <br />obligation to tender an offer to purchase the <br />property based upon independent appraisals. <br />At that time, the property owner would have an <br />additional opportunity to file an objection to <br />that. Then, going forward further if you do get <br />to that level, then the question of damages is <br />settled ultimately at a trial on the issue of value <br />of the property that the Commission seeks to <br />acquire. However at this stage, again, you are <br />simply adding the property to an acquisition list. <br />Based on my reading of the law I don't feel that <br />there is a damage issue that you [the <br />Commission] need to address at this point. It is <br />up to the Commission to make a determination. <br />MR. MASTERS: Special consideration is a <br />practical matter. You cannot get a mortgage for <br />property that's on an active acquisition list. <br />You cannot rent property that's on an active <br />acquisition list. <br />That's where the harm is. Now if you had a <br />specific plan to do something with this property, <br />that would be one thing, but, to hear you say <br />that there is no timetable and there is no specific <br />plan simply means that you are going to impose <br />a burden on my client by putting this property <br />on an active acquisition list with no benefit to <br />him because there is no proposal to move <br />12 <br />