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South Bend Redevelopment Commission <br />Regular Meeting -December 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />() continued... <br />Mr. King thanked the development team for <br />its efforts toward this exciting project. It is a <br />much anticipated development by many in <br />the community. It's hard to imagine a more <br />exciting project with as much impact as it <br />will have on so many in the community, <br />being what everyone thinks of as the center <br />of town, and an historic structure restored to <br />its original look. <br />Ms. Laurent noted that the value has been <br />established for the Senor Kelly parking lotto <br />the north of the bank building. What the <br />developers are offering in consideration of <br />the lot is an easement on the facade of the <br />101 N. Michigan building. That exchange <br />would allow the Commission to act with <br />public dollars toward the restoration of that <br />beautiful building. <br />Ms. Greene noted that the first action the <br />Commission needs to take has to do with <br />disposition of property as set forth in I.C. 36- <br />7-14-22. The Commission has met the initial <br />requirement by putting it through the public <br />offering process. At that time there were no <br />bids received. Now the Commission may <br />negotiate for disposition of the property. <br />Under subsection (e) of I.C. 36-7-14-22 the <br />Commission may accept an offer that is <br />consideration of cash, cash and other <br />property, or a combination of both. If the <br />Commission is receiving something other <br />than cash as consideration for the property, it <br />must make a finding that in its sole <br />discretion, the value the Commission will <br />11 <br />