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South Bend edevelopment Commission <br />Regular Mee ing - May 10, 1991 <br />6. NEW BUSM S (Cont.) <br />a. continued... <br />through Camiunity Development funds that <br />they get every year. We make an agreement <br />to pay it back over a period of time. <br />There have been two loans to the City of <br />South Bend. The first one was used <br />primarily in the blue area (on the map) <br />and the second one will be used on Chapin <br />S t. <br />The second part of the question—when <br />will. this begin -we're taking the action <br />today to add the properties to the <br />acqUiSition list, amending our Plan to <br />say "yes, we want to acquire these <br />properties." After that the properties <br />wo d have to be appraised, we will do <br />rev ew appraisals and bring to the <br />Com tission a resolution that says here is <br />the fair market value of the property. <br />Thal. resolution would also authorize the <br />sta f to send purchase offers. <br />MR. GOIDBERG: I understand they have <br />already been appraised. According to the <br />Tribune, the bids have been accepted. <br />MRS KOLATA: That's for hiring the <br />apppaisers. The appraisers have not done <br />the work yet. What is the timing on the <br />MR. NORRIS: I would like to give them <br />the notice to proceed today. <br />MRS KOLATA: OK, so we have not given <br />thep the notice to proceed. We've <br />accepted their contract and their price <br />for doing the work. We have not given <br />them the notice to proceed. My guess is <br />that. it would take approximately two <br />months for them to do all the appraisals <br />and for us to get the paperwork through <br />before we would authorize a purchase <br />offer. The authorization for a purchase <br />offer would come through another public <br />meeting of the Comi.ssion, at which time <br />the would adopt the resolution and say, <br />"offer this amount for this piece of <br />