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South BenddIRedevelopment Commission <br />Regular M ting - October 14, 1988 <br />6. NEW BU$INE.SS (Cont.) <br />e. comti.nuea... <br />for sale. The actions are all <br />nts in the public offering of <br />ment -owned land. <br />elution No. 860 sets the mininum <br />xing price for the property, based <br />i the appraisals of two experienced <br />-aisers. Both of them determined that <br />building was obsolete. The cost of <br />�liticn, subtracted from the value of <br />land, yields a negative n mber. <br />efore, the property has no value. <br />recommendation set forth in <br />olution No. 860 is that the offering <br />e be set at $1.00 and the re-use be <br />tiable. All offers will be <br />The Bid Specifications and Design <br />Corsiderations define in more detail the <br />considerations which will be used to <br />weigh the proposals. Mrs. Kolata noted <br />changes which need to be made in the <br />pr posed Bid Specifications: Item number <br />2 Ehould state the minimum offering price <br />of $1.00, the Redevelopment Commission <br />will be willing to demolish either the <br />Noith or South portions of the building, <br />in addition to the wooden middle section, <br />in order to make renovation feasible, and <br />the addition of a requirement that all <br />bidders submit a $5,000 deposit to ensure <br />Kolata noted that the period of time <br />between publication of the Notice of <br />Intended Sale on October 21 and October <br />28 and the date of receipt of bids on <br />December 2 is longer than usual in order <br />to allow sufficient time for developers <br />to tour and evaluate the building. <br />Mrs. Kolata also requested permission to <br />advertise in other publications, in <br />addition to the South Bend Tribune and <br />the Tri- County News. We would like to do <br />-7- <br />