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South Bend Commission <br />Regular Mee �edevelopment <br />ing - January 16, 1981 <br />6. NEW BUSaNESS <br />a. continued... <br />Mr. Cira: Kevin, what is the need for a $2,000.00 <br />own Ors policy for each parcel. <br />Mr. Butler: Basically that is the insurance cover- <br />age Moreithan likely we will be paying more than <br />tha in our acquisition of those parcels. We figure <br />tha $2,000.00 insurance coverage is really a minimum <br />and may increase if there are any properties of <br />Sig ificant value. If we are buying a property for <br />$40 000 or $50,000 we may at that time want to increase <br />the coverage. <br />Ms. Derbeck: Does that mean that the Redevelopment <br />Commission is going to hold these policies if you don't <br />own the land yet, why would you have it? <br />Mrs Kolata: We have to identify who the owners of <br />the property are before we can even begin to think <br />about acquiring the property. <br />Ms. Derbeck: I don't understand what the insurance is <br />for. <br />Mr. Butler: We are not getting insurance now, we are <br />get ing commitments for insurance. <br />Mr. Nimtz: The Title Company issues a preliminary <br />policy guaranteeing you the title to a piece of pro- <br />perty and will issue a final policy at the time we <br />acquire the property. <br />Mr. Butler: And it also shows whether there are <br />mortgages or other liens on the property which we <br />want to have released before we acquire the property. <br />Ms. Derbeck: The parcels that have numbers on them, <br />are they going to be surveyed? <br />Mr. McMahon: Yes, the area that is outlined. Those <br />are the parcels that are being researched at this time. <br />Ms. Derbeck: Those that do not have any marks', on them <br />will not be surveyed? <br />Mrs. <br />have <br />side <br />Kolata: Not under this contract. Some of the others <br />already been surveyed and some are not being con- <br />ed for acquisition at this point. <br />5 <br />