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South B <br />Regular <br />6. <br />Redevelopment Commission <br />°ting — August 16, 2012 <br />BUSINESS (CONT.) <br />A. b outh Bend Central Development Area <br />Resolution No. 3059 setting the Fair <br />Market Value of property in the South <br />Bend Central Development Area (402 S. <br />Lafayette) <br />Mr. Relos noted that Resolution No. 3059 <br />sets the fair market value for 402 S. Lafayette <br />Blvd. at $82,500, the average of two <br />independent appraisals. Staff requests <br />approval of Resolution No. 3059. <br />Mr. Inks noted that this lot was one of the <br />Gates properties that we had to purchase to <br />acquire the property the VA wanted. Gates <br />wanted to sell all their properties together. <br />This is one we felt we could sell and recoup <br />some of our acquisition costs from. We hope <br />to sell it for close to its appraised value. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 3059 <br />setting the Fair Market Value of property in <br />the South Bend Central Development Area <br />(402 S. Lafayette). <br />Bid Specifications and Design <br />Considerations for property located at 402 <br />S. Lafayette) <br />Mr. Relos noted that the Bid Specifications <br />and Design Considerations for 402 S. <br />Lafayette Blvd. include that the project must <br />meet zoning requirements established by the <br />zoning ordinance and that the developer must <br />provide a basic reuse plan for the site and a <br />12 <br />COMMISSION APPROVED RESOLUTION NO. 3059 <br />SETTING THE FAIR MARKET VALUE OF <br />PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA (402 S. LAFAYETTE). <br />