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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 />