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DEPARTMENT OF REDEVELOPMENT <br />SOUTH BEND, INDIANA <br />POLICY ON OWNER INITIATED :ACQUISITION OF PROPERTY <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />h1TRODUCTION <br />From time to time Redevelopment has been approached by property owners in the Airport <br />Economic Development Area to see if Redevelopment is interested in purchasing their property. <br />Usually these are residential properties that are adjacent to newly developed industrial parks. <br />The Redevelopment Commission may be willing to purchase these properties under the <br />following conditions. <br />POLICY <br />The purchase of the property by Redevelopment shall be solely at the discretion of the <br />Redevelopment Commission. The commission is under no obligation to purchase the <br />property. <br />2. The property owner shall send a letter to the Commission indicating their interest in <br />selling property to the Commission and identifying the property they would like to sell. <br />The Commission will get two independent appraisals of the property and will make a <br />purchase offer based on those appraisals. <br />4. If a purchase price cannot be agreed on, the property will not be purchased. The <br />Commission will not use eminent domain to purchase the property. <br />5. The Commission will not purchase the property for an amount higher than the highest <br />appraisal. <br />6. The occupant of the property will not be eligible for any relocation assistance and shall <br />sign a document indicating that there will be no relocation payments from the <br />Commission. If the property- is occupied by a tenant, the owner of the property will be <br />responsible for getting this waiver of relocation from the tenant. <br />The property to be purchased must be located within the limits of the City of South Bend. <br />If the property is not currently within the city, it must be annexed into the City before a <br />purchase could be completed. Any potential purchase discussed with the Commission <br />would be contingent on this annexation. <br />The Commission will not be responsible for any other costs assoceP M r} U y-� <br />SOUTH BEND <br />REDE►' E. "IT Ci;1;i1;;1: <br />E y� <br />