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South Bend Redevelopment Commission <br /> Regular Meeting—April 24, 2012 <br /> Mr. Relos noted the request to proceed <br /> regarding the proposed sale of 609 E. <br /> Columbia, in the Monroe Park <br /> Neighborhood. <br /> On June 28, 2011, the Commission approved <br /> bid specs, fair-market valuation, and <br /> advertising of legal notices to begin the <br /> disposition process for five properties in the <br /> Monroe Park neighborhood. This property's <br /> fair market valuation, based on the average <br /> of two disposition appraisals, is $15,500. <br /> On July 26, 2011, staff reported that no bids <br /> had been received on any of the properties, <br /> and they would then be able to be sold at a <br /> negotiated price. On September 27, 2011, <br /> the Commission approved a contract with <br /> Bruce Gordon to list and market four of the <br /> five properties. <br /> On November 22, 2011, the Commission <br /> rejected a $5,000 offer on this property, and <br /> instead approved a counter offer in the <br /> amount of$10,000. This price was accepted <br /> by the interested party, and a purchase <br /> agreement submitted. The interested party, <br /> who lives in the neighborhood and purchased <br /> two other properties, has let the purchase <br /> agreement expire with no further action. <br /> Recently, another party has submitted an <br /> offer. This person would live in the house, <br /> which is the goal of the Commission for <br /> these houses to encourage owner occupants. <br /> The offer was for $5,000. With guidance <br /> from Mr. Gordon, staff recommends that the <br /> Commission counter with a price of$8,000 <br /> and set this value as the lowest price it would <br /> accept for this property. <br /> 9 <br />