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South Bend Redevelopment Commission <br />Regular Meeting -December 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Sample-Ewing Development Area <br />continue ... <br />the home. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Downes and unanimously carried, the <br />Commission approved the Listing Contract <br />with Hallmark Realty for property located at <br />701 Pennsylvania St. with a listing price of <br />$24,000. <br />(3) Staff report on disposition of property in <br />the Sample-Ewing Development Area. <br />(1217 S. Walnut St.) <br />Mr. Peterson noted that in April 2006 the <br />Commission entered into a Memorandum of <br />Understanding to provide for both the <br />redevelopment of 1217 S. Walnut as well as <br />the acquisition of right of way that is needed <br />to complete some road improvements in the <br />South Side Development Area. Through the <br />transaction the Commission has acquired <br />1217 S. Walnut and has gone through the <br />disposition procedures to dispose of it. Staff <br />has received a purchase offer from Lock <br />Joint Tube LLC. They propose to trade their <br />property along Ireland road for 1217 S. <br />Walnut. The Commission then intends to <br />sell the property along Ireland to the adjacent <br />property owner in lieu of right of way the <br />Commission needs from him. <br />We originally sent a purchase offer in the <br />amount of $187,000 for the right of way. <br />The appraisal for Kokoku is $147,000. Lock <br />Joint Tube is signing an agreement which <br />conveys the former Kokoku property at 1217 <br />COMMISSION APPROVED THE LISTING <br />CONTRACT WITH HALLMARK REALTY FOR <br />PROPERTY LOCATED AT 701 PENNSYLVANIA ST. <br />WITH A LISTING PRICE OF $24,000 <br />22 <br />