RM 03-21-75 - Laserfiche WebLink

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5. OLD BUSINESS (Cont'd 3) The bonding requirement is indeed an assurance to the E -7 Committee that, if awarded the contract, a parti- cular contractor will be able to provide a performance bond within a reasonable length of time. The bond re- quirement further assures this LPA that the bid is an earnest one and that it will be followed by an agree- ment to rehabilitate properties through these contracts. 4) It is not necessary that a contractor provide the LPA with an actual insurance bond. He can deposit a certi- fied check in amount of 10% of the bid amount as surety. This amount can be obtained through a personal account or loans through local lending institutions. The Advisory Committee is recommending to the Redevelop- ment Commission that the bid bond requirement remain a part of the E -7 Program and that their letter to Ms. Washing- ton conclude this matter. Mr. Wiggins was in concurrence with the Advisory Committee's action, and moved for the approval of the E -7 Advisory Com- mittee's recommendation to retain the bid bond requirement for the E -7 Program. Motion was seconded by Mr. Chenney and carried. 6. NEW BUSINESS a Dept. of Redevelopment vs. Lylvan Block, Cause No. E -8118: CONDEMNATION This is a request by Mr. Charles A. Sweeney, Jr., Commis- SETTLEMENT AP- sion Legal Counsel, in letter dated March 14, 1975, for PROVED, CAUSE approval of the negotiated settlement for payment of NO. E -8118, $45,000 in above condemnation action, in St. Joseph's R -66 Superior Court. Settlement has been agreed to, which is conditional upon approval of the Redevelopment Commissioners. In -house appraisals of the subject property, located at 227 South St. Joseph Street, Parcel No. 12 -14, which is behind Penney's Department Store on St. Joseph Street, were in amount of $38,467. The court - appointed appraisers (Forrest Eckert, Phillip Oestreicher and Edward A. Everett, Sr.) re- turned an appraisal of $47,000 in open Court. The Depart- ment of Redevelopment has paid the $47,000 appraisement to the Clerk of St. Joseph County. Attorney Baer on behalf of his client withdrew these monies some time ago. Mr. Sweeney has now negotiated a compromise settlement of $45,000 with Attorney Fred Baer who represents the property owner in this condemnation action, which is less than the court - appointed appraisers valuation of the property. This is a piece of the parking lot behind Penney's that we are acquiring, have filed the condemnation suit, and now have a negotiated settlement agreement. - 10 -