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South BenddIRedevelopment Commission <br />Reschedul Regular Meeting - August 25, 1989 <br />6. NEW BUSINESS (Cont.) <br />a. conrinuea... <br />Mr. Nimtz disclosed that he has <br />represented Ms. Violet Barry, an affected <br />property owner, as her attorney for many <br />years and would not participate in the <br />discussion or vote on this item. <br />Mr. Nimtz opened the Public Hearing on <br />Resolution No. 881 for all who would like <br />to be heard. <br />Ms. Sally Arnold asked if she understood <br />catrectly that the purpose of the <br />accuisition was to demolish the buildings <br />and sell the land for development. Mrs. <br />Ko ata responded that, yes, the intent is <br />to create a large parcel of vacant land <br />fot resale. <br />Mr. Daniel Snider, a first -time property <br />owner, explained that he chose to <br />pLuchase property in Monroe Park because <br />he foresaw the potential for that land <br />increasing in value. He asked if his <br />prcperty would now be taken from him at a <br />ce:ttain price so that the city might <br />ccmbine all the properties as a package, <br />tLun them over to a private developer, <br />and reap the speculative profits that he <br />hal anticipated. He asked how the <br />p s worked. <br />Ms. Pfotenhauer responded to Mr. Snider's <br />question by explaining the acquisition <br />process. The property will be appraised <br />and a fair market value determined. A <br />puy chase offer will then be sent to each <br />property owner offering to purchase the <br />probertv at the fair market value. <br />Mr. Snider asked the definition of fair <br />market value and how it is determined. <br />Mrs. Kolata explained that the Commission <br />hires two appraisers to appraise each <br />piem of property. They use two <br />app ches to determine fair market <br />val e: (1) for owner occupied units <br />-4- <br />