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South Bend Redevelopment Commission <br />Regular Meeting -December 21, 2007 <br />Ms. Laurent noted that the property at the <br />northwest corner of Hill and Colfax is made <br />up of three parcels totaling approximately <br />half an acre. The average of the appraised <br />values of the property is $135,700. <br />Therefore, that is the offering price for the <br />property. <br />Mr. Peczkowski asked the price the <br />Commission paid for the property. Ms. <br />Laurent responded that it cost the <br />Commission a little over $200,000, including <br />the cost of demolishing the structure that was <br />on the property. <br />Mr. Peczkowski asked how many years the <br />city has held the property. Ms. Laurent <br />responded six years. There were some <br />environmental concerns with the property, <br />which they city has addressed while holding <br />the property. <br />Mr. Peczkowski asked if any taxes were paid <br />during that time. Ms. Laurent responded <br />they were not. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2424 <br />setting the Fair Reuse Value of Land in the <br />South Bend Central Development Area. <br />(NW Hill & Colfax) <br />(4) Commission approval requested for Bid <br />Specifications and Design Considerations <br />for property in the South Bend Central <br />Development Area. (NW Hill & Colfax) <br />Ms. Laurent summarized the Bid <br />Specifications and Design Considerations for <br />the Hill and Colfax property. The property is <br />COMMISSION APPROVED RESOLUTION NO. 2424 <br />SETTING THE FAIR REUSE VALUE OF LAND IN <br />THE SOUTH BEND CENTRAL DEVELOPMENT <br />AREA (NW HILL & COLFax) <br />7 <br />