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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 />() continued... <br />bring it to the high standard the Commission <br />and the public would like. Mr. Tarner has <br />offered $100,000 for the fee simple interest <br />in the property, based on his analysis of the <br />expected risk and return on investment. <br />Ms. Laurent also noted that the buildings <br />roof is in need of significant repair. That and <br />other maintenance issues would present <br />significant holding costs to the Commission <br />if it were to retain ownership. A reasonable <br />time of exposure has been allowed in the <br />open market with an aggressive marketing <br />program, and Mr. Tarner's offer has been the <br />only serious expression of interest in the <br />building. Therefore, there is a truly defined <br />market value of the property: that set by the <br />sole willing buyer at this point in time. <br />The staff is also pleased with the quality of <br />the South Bend Chocolate Company project <br />and sees many long term benefits to be <br />realized as a result of this signature <br />development. <br />The Commission is now permitted to dispose <br />of the property at a price less than the <br />original offering price because more than <br />thirty days have lapsed since the bid opening <br />on December 26, 2005. Staff recommends <br />disposing of 128 S. Michigan St. to South <br />Bend Chocolate Co. for the sum of $100,000. <br />A Contract for Sale of Land is being drafted <br />and approval of the terms of sale would <br />authorize staff to present this contract in final <br />form at a subsequent meeting. <br />28 <br />