Laserfiche WebLink
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 />donation by the Board of Public Works as <br />they are not presently on the SBCDA <br />acquisition list. This is property within the <br />$1.9 million price. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Administrative <br />Settlement — Transaction 1. <br />(5) Administrative Settlement — Transaction 2 <br />Mr. Schalliol noted that Resolution No. 3001 <br />set the offering price for two parcels owned <br />by GMS Realty, Inc. on the area described <br />generally as the Gates Downtown Campus. <br />The total appraised value for the two parcels <br />was $552,500. In anticipation of an <br />acquisition, the property owners obtained a <br />fair market appraisal of their own which <br />indicated a value of $700,000 for the same <br />properties. In an effort to reach an <br />administrative settlement with the property <br />owner, an average value was examined for <br />the purpose of trying to find a common <br />ground. <br />The proposal is to acquire these two <br />properties at one closing for a total <br />acquisition amount of $1 million dollars. <br />The purchase would be structured over four <br />years with the initial payment for the <br />properties being $50,000. The remaining <br />funds would be spread out over the next three <br />years at a rate to be determined with the <br />property owner. Any existing leases on the <br />11 <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT -TRANSACTION 1. <br />