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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 />(3) continued... <br />they are not on the SBCDA acquisition list. <br />They will be considered as part of the <br />administrative settlement package. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved Resolution No. 3001 <br />related to acquisition of property in the South <br />Bend Central Development Area <br />(Transaction 2). <br />(4) Administrative Settlement — Transaction 1 <br />Mr. Schalliol noted that Resolution No. 3000 <br />set the offering price for 11 parcels owned by <br />GMS Realty, Inc. and Gates & Gates Realty <br />on the area described generally as the Gates <br />Downtown Campus. The total appraised <br />value for the 1 I parcels was $895,125. In <br />anticipation of an acquisition, the property <br />owners obtained a fair market appraisal of <br />their own which indicated and a value of <br />$1,765,000. 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 the 11 properties <br />at one closing for a total acquisition amount <br />of $1.9 million dollars. The purchase would <br />be structured over four years with the initial <br />payment for the properties at $1,150,000. <br />The remaining funds would be spread out <br />over the next three years at a rate to be <br />determined with the property owner. Any <br />E <br />COMMISSION APPROVED RESOLUTION NO. 3001 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA <br />(TRANSACTION 2). <br />