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South Bend Redevelopment Commission <br />Regular Meeting —July 20, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. (Continued...) <br />MR. MARIANI (Continued...) <br />It is unknown as to exactly how much money <br />we're going to have each year in order to <br />complete the acquisitions. That's a big factor in <br />trying to make a plan. <br />MR. ERIC MANNS: Is the fact that you would <br />honestly be in a suspended state, as a <br />homeowner or property owner, taken into <br />account with the pricing? Because we can't <br />really do anything. <br />MR. MARIANI: That's essentially what we are <br />trying to prevent. <br />MS. GREENE: At this point what we're doing <br />is we're adding property to the acquisition list, <br />which ultimately means that potentially the <br />property would be acquired. Based on my <br />discussions with title companies, they don't <br />view this as a cloud on the title. As a property <br />owner, even if you would sell your property <br />tomorrow to someone else, they would have <br />notice of the fact that this property is on an <br />acquisition list. As the property is appraised <br />potentially that becomes a factor for discussion, <br />but it is not filed on the title of the property. <br />I'm not sure that I answered your question <br />exactly. Ultimately, you are compensated <br />through the process. Whether it's by way of a <br />negotiated purchase from the City, or in the <br />event that you do not get to a point that you <br />agree on the price and it goes to a later stage in <br />eminent domain action, then you also have the <br />opportunity to argue over the value of the <br />property. That's how the law sets it up. So, you <br />18 <br />