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South Bend Redevelopment Commission <br />Regular Meeting —July 20, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. (Continued...) <br />MR. ERIC MANNS: If you have a scenario, <br />like the young man is talking about, at the time <br />when the acquisition process moves forward, <br />what compensation can the tenant expect, when <br />he has, say six months left on his lease? <br />MS. GREENE: What ultimately happens when <br />the Commission does undertake to acquire a <br />property, is that they have to get appraisals for <br />the property. They will then tender an offer to <br />the property owner to purchase the property. <br />The notice of a potential acquisition is to be <br />given to anyone who has an interest in the <br />property. That would include a leasehold <br />interest. At that point in time, for the tenants, <br />rw generally there is a relocation procedure. For <br />the property owner, it's acquisition of the <br />property plus relocation, as well. That aspect of <br />relocation depends on the type of property <br />involved whether it's a residence or a <br />commercial establishment. So, I am unable to <br />give you a definitive answer, and I certainly <br />don't want to give you legal advice about your <br />own situation. <br />I can just, again, point every one to the <br />Redevelopment Statutes that govern this. That <br />is found in the Indiana Code at 36 -7 -14. Mr. <br />Marian may be able to answer some more <br />detailed questions on a one on one basis, not <br />certainly of a legal nature, but with respect with <br />how your particular property is situated. <br />MR. WATTERUD: In closing, I'd like to say <br />that for the record, I'd like to object for my <br />property, 721 East Sample, at this time. Just for <br />21 <br />