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South Bend edevelopment Commission <br />Regular Mee ing - March 26, 1982 <br />6. NEW BUSINESS (continued) <br />e. continued... <br />Mrs Schwartz explained that, in conjunction with the <br />South Bend Home Improvement Loan Program, there was <br />an agreement between the title holder and the Commis- <br />sion placing a lien upon the property. In this parti- <br />cular case the lien was executed on property held by <br />a land contract seller, that land contract has now <br />been completed and title has passed. We have a lien <br />now placed where title is held by the homeowner, and <br />so his merely releases the lien in the name of the <br />on final land contract seller. <br />Upo a motion made by Mr. Robinson, seconded by Ms. <br />Aub rn and unanimously carried. the mortgage release <br />was approved. <br />f. Commission a ro <br />acc ti n a coun <br />in he Rum Villa <br />a c ntract of sa <br />Mrs <br />tha <br />be <br />ful <br />ave <br />res <br />am <br />of <br />and <br />rea <br />tha <br />for <br />198 <br />dat <br />per <br />kno <br />pro <br />Red <br />the <br />an <br />you <br />con <br />val requested for <br />teroffer for sale <br />qe Industrial Park <br />e. <br />Resolution No. 657 <br />and authorizin <br />Schwartz explained that State statute provides; <br />: prices indicated on the offering list may not <br />!xceeded unless specifically authorized by the <br />fission or by a Court, and this resolution would <br />-ill that specific authorization of exceeding the <br />,age of the two appraisals on the property. The <br />)lution does specifically say that we would have <br />itually acceptable contract of sale which would, <br />:ourse, come back to the Commission for execution, <br />it would include the ability of the Commission to <br />)nvey this property to Mr. Fitterling in the event <br />the Commission is unable to sell the property <br />redevelopment purposes on or before October 31, <br />?. That particular date is chosen as that is the <br />on the option that New Energy holds on the pro - <br />�y. Of course to date the only party that we <br />v who has shown any interest in purchasing this <br />)erty is New Energy Corporation. However, the <br />�velopment Commission will, of course, go through <br />public offering procedure required by statute in <br />?ffort to obtain a buyer for the property, should <br />choose to authorize your working out an acceptable <br />tract of sale at this price. <br />9 <br />COMMISSION APPROVED MORT- <br />GAGE RELEASE FOR PROPERTY <br />LOCATED AT 313 EAST SOUTH <br />STREET <br />