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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Receipt of Bids <br />() continued... <br />Ms. Greene noted that the submitted bid <br />contains all necessary documents, fully <br />executed, including the Statement of <br />Qualifications and Financial Responsibility, <br />the Statement of Public Disclosure, and the <br />Affidavit ofNon-Collusion. ROI Holdings <br />bid $1.00 for the entire parcel at 505 E. <br />Ireland Rd., which does not meet the <br />Commission's offering price. The bid is <br />therefore non-conforming. <br />Ms. Greene noted that disposition of property <br />is governed by I. C. 3 6-7-14-22. Under this <br />section of the Code, the Commission is <br />required to obtain two independent appraisals <br />of the value of the property for sale or lease. <br />The appraisals must take into consideration <br />the size, location and physical condition of <br />the property and all other factors effecting <br />value. The appraisals are solely for the <br />information of the Commission and are not <br />open for public inspection. The Commission <br />must then prepare an offering sheet showing <br />the properties and the offering price which <br />may not exceed the average of the two <br />appraisals. After publishing notice consistent <br />with the requirements of I.C. 5-3-1, the <br />Commission may reject any bids received <br />and may make an award to the highest <br />bidder. <br />In determining the best bid, the Commission <br />must consider the following: (1) The size and <br />character of the improvements proposed to <br />be made by the bidder on the real property <br />bid on; (2) The bidder's plans and ability to <br />7 <br />