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South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />For 310 E. South Street and 602 Carroll <br />Street we've received a cash offer of $5,000 <br />and $10,000, respectively. A neighbor <br />adjacent to the properties plans to install his <br />mother in one of the homes and maintain the <br />other as a rental unit, keeping the current <br />tenant (an elderly woman renting through <br />HDC) until such time as she decides to <br />vacate. Both properties will require <br />maintenance /repairs of up approximately <br />$7,500, which is a part of the reason for the <br />lower bids. The bidder on these properties <br />has a well- maintained home (no code issues <br />and taxes are up to date), is active in the <br />neighborhood association, and has expressed <br />his desire to purchase these properties in an <br />effort to maintain the integrity of the <br />neighborhood. As such, staff recommends <br />accepting the offers and requests permission <br />to proceed with a Contract for Sale and <br />associated documents (including lease <br />termination with HDC) necessary for the sale <br />of these two properties. <br />For 628 Rush Street, 609 Columbia Street <br />and 620 Columbia Street we've received one <br />offer for 628 Rush Street for $10,000 and a <br />second offer for $40,000 for the three <br />properties and including 310 E. South (or <br />approximately $10,000 per home). In both <br />cases, it's been determined that the offers are <br />likely not coming from within the <br />neighborhood, but from out of town (and out <br />of state): investors looking to rent or turn <br />them over. Staff, in consultation with our <br />real estate agent, requests a rejection of all <br />offers for these properties, at this time. <br />Mr. Varner expressed his concerns to keep <br />with local investors. Mr. Gibney stated that <br />Mr. Sikora did a good job of "due- diligence" <br />on all of these properties. <br />11 <br />