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South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(7) continued... <br />Staff has recently been made aware of the <br />current owner's interest in selling the <br />property. In order to be in a position to <br />negotiate in a timely manner, the property <br />needs to be added to the acquisition list. <br />Based on preliminary discussions the <br />expected acquisition cost for the property <br />will be approximately $750,000. Approval <br />of Resolution No. 2932 does not commit the <br />Redevelopment Commission to acquiring the <br />property at that amount. <br />Upon approval by the Commission, <br />resolutions will be put before the Area Plan <br />Commission and Common Council for their <br />approval, and then the Commission will hold <br />a Public Hearing and consider a Confirming <br />Resolution. Staff also requests approval to <br />advertise for the Public Hearing after the <br />Common Council approves its resolution. <br />Staff believes it would be of public utility <br />and benefit to amend the Development Plan <br />by adding this property to the acquisition list <br />and requests approval of Resolution <br />No. 2932 and authorization to advertise the <br />public hearing. <br />Mr. Varner asked what the property taxes are <br />for that lot. (Mr. Sikora researched and later <br />in the meeting brought forth information that <br />current taxes are $1,600 per year.) Mr. <br />Downes asked if this site will be later <br />marketed. Mr. Gibney responded that a site <br />plan would be done. The staff's goal is to <br />get $4,500,000 worth of residential real <br />12 <br />