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South Bend Redevelopment Commission <br />Special Meeting — January 18, 2012 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(4) continued... <br />existing leases on the property would be <br />assumed by the Commission, and because the <br />Commission would have clear title to the <br />land, any of the land parcels could be <br />disposed of to facilitate development in the <br />Coveleski Park area. <br />Mr. Meteiver added that we took the <br />percentage values of each of the parcels <br />based upon the average appraisal values, <br />computed their percentage of each individual <br />parcel (of the total $1.3 million) and then <br />computed out the values based on the $1.9 <br />million total purchase price. The computed <br />purchase price had been adjusted to a <br />purchase price that falls within the $1.9 <br />million. <br />The first settlement would take in all of the <br />following properties: <br />Gates and Gates, Lots No. 11 and <br />12, Tax ID's 0483 and 048201, city <br />low appraisal $98,882.50, Gates high <br />appraisal $245,OOO,average appraisal <br />$171,941.25 with a computed <br />purchase price of $200,000. <br />GMS, Lots No. 14, 15, 16, Tax ID's <br />0265, 0266, and 0267, city low <br />appraisal $115,000, Gates high <br />appraisal $115,000, average <br />appraisal $115,000 with a computed <br />purchase price of $115,000. <br />Parcels 14, 15 and 16 are figured into the <br />acquisition value but will be accepted by <br />10 <br />