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South Bend Redevelopment Commission <br />Regular Meeting -January 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(4) Staff report on disposition of property in <br />the South Bend Central Development <br />Area. <br />Ms. Laurent noted that in 2005 the <br />Commission offered property at 128 S. <br />Michigan Street for sale through the public <br />bid process. Bids were received and opened <br />at a public meeting on December 16, 2005 <br />with only one bid submitted. Due to the fact <br />that South Bend Chocolate Company's bid <br />did not meet the Commission's offering <br />price, the bid was not awarded at that time <br />On January 3 a preliminary staff report was <br />presented summarizing the proposal from the <br />South Bend Chocolate Company to purchase <br />and rehab the former Osco's building at 128 <br />S. Michigan St. The Commission instructed <br />staff to perform additional review and to <br />have discussion with South Bend Chocolate <br />Company concerning the proposal that would <br />support disposition of the property at the <br />price requested by the developer. After <br />appropriate review of the proposal and <br />discussion with the developer, staff <br />recommends disposition of the property to <br />South Bend Chocolate Company for <br />$100,000. <br />The Commission's offering price of <br />$480,000, based on the average of two MAI <br />appraisals, is by statute, negotiable by this <br />date. In the local market, comparable <br />property sales for a building like this one are <br />difficult to find and rely on. The building's <br />raw form and size,11,000 sft, will require <br />considerable investment and creativity to <br />27 <br />