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11-02-07 Redevelopment Commission Minutes
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11-02-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(2) continued... <br />great appreciation for the Commission's <br />interest in that block, noting that it has <br />needed attention for a long time. I pledged to <br />keep her informed, but at the end of the day, <br />a private developer might come knocking at <br />your door and offer you a lot of money for <br />your building. So be it. In other words, we <br />were going to leave her out of this process at <br />this time, by her wish. I think there's a lot of <br />room for that. We certainly want to work <br />with the existing businesses. <br />That being said, what we do have on this <br />block is two businesses that wish to retire. <br />Once has vacated its building, the Beebe <br />Cabinet building at 513 S. Michigan. On <br />October 19 the Commission authorized a <br />purchase offer to be sent to the owners, <br />Foster and Linda Martin. Resolution <br />No. 2388 set the offering price at $89,000. A <br />negotiated written counter offer and <br />justification to support it has been received in <br />the amount of $105,000, plus payment of the <br />2006 pay 2007 property taxes in the amount <br />of $4,681.54. The seller would be <br />responsible for the real estate commission <br />and the pro rated taxes for 2006 pay 2007. <br />Staff recommends acceptance of the offer. <br />Ms. Laurent noted that staff has looked <br />closely at the comparable sales used to <br />establish the offering price of Resolution <br />No. 2388. The upper floor of the building <br />has not been used and was, therefore, not <br />valued in the appraisals. Other comparables <br />in the area counted such upper floors. We <br />believe there is some gray area as to whether <br />65 <br />
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