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DEPARTMENT OF REDEVELOPMENT <br />SOUTH BEND, INDIANA <br />POLICY OF MANAGEMENT OF ACQUIRED PROPERTY <br />INTRODUCTION <br />This policy implements the requirement that the Department of Redevelopment (City) <br />collect rent from properties acquired, controlled and rented in connection with the South Bend <br />Central Development Area, Sample -Ewing Development Area, West Washington- Chapin <br />Development Area, Airport Economic Development Area, South Side Development Area, and <br />Northeast Neighborhood Development Area. <br />POLICY <br />I. Starting Date for Collection of Rents: <br />All rents will be on a monthly basis, payable in advance, and will be collected by the City <br />on the first of the month. The payment of rent for owner - occupied premises and tenant - <br />occupied premises shall be as follows: <br />A. Owners who occupy their properties at the time of acquisition by the City will be <br />allowed a 60 day adjustment period immediately following the date of acquisition, <br />during which time no rent will be collected. The former owner will commence <br />paying rent on the first day of the month immediately following the end of the <br />60 day adjustment period: Provided however, that the Redevelopment <br />Commission may extend the adjustment period upon a finding of significant <br />hardship or other extenuating circumstances. <br />B. Occupants who were tenants at the date of acquisition by the City will pay rent to <br />the City beginning with the first day of the month immediately following the <br />City's acquisition of the property. <br />II. Establishment of Rental Rates: <br />Rental rates for all properties acquired by the City, except as provided in Paragraph VIII, <br />whether the properties were formerly owner - occupied or tenant - occupied, and including <br />those occupied by persons, non - profit institutions or businesses, will be established as <br />follows: <br />A. Owners who occupied their properties at the date of acquisition by the City will <br />pay rent at the rate of I% of the purchase price per month. <br />B. Occupants who were tenants at the date of acquisition by the City will pay the <br />same rent that they paid at the time of acquisition: Provided, however, that the <br />HAWpdata\Redevelopment Conm�ission\Mgmt Acq Prop Policy 121603.wpd <br />