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South Bend Redevelopment Commission <br />Regular Meeting -December 7, 2007 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(4) continued... <br />Ms. Laurent noted that on October 19 the <br />Commission had authorized a purchase offer <br />to be sent to Elaine Gendle, owner of Fat <br />Daddy's Outlet. Resolution No. 2385 set the <br />offering price at $101, 500. A negotiated <br />counter offer has been received in the amount <br />of $150,000 plus payment of outstanding real <br />estate taxes totaling $11,882, and penalties <br />and pro-rated taxes due of approximately the <br />same amount. The total of the counter offer, <br />then, would be approximately $175,000. The <br />seller would be responsible for any real estate <br />commissions. Staff feels this counter offer is <br />justified in that it includes appropriate <br />consideration of the expense of relocation of <br />the assets of the existing business on the <br />premises. Staff has been provided <br />documentation of the marketability of second <br />floor space in this area, existing square <br />footage that was not considered by the <br />appraisers in determining the fair reuse value. <br />We hope the reuse of the building or the site <br />will provide viable second floor space and <br />bring density back to the south end of <br />downtown. There will be a phase one <br />environmental assessment and then the <br />closing. The property will be vacated by May <br />2008. <br />Mr. King thanked Ms. Laurent for a great job <br />on this project in a short amount of time. Ms. <br />Laurent wanted to thank Mr. Bob Hunt, our <br />former Commissioner who longed to see this <br />property revitalized. <br />37 <br />