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South Bend edevelopment Commission <br />Regular Meeting - March 13, 1992 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />e. <br />$34 ,000. The resolution authorizes the <br />sta f to use Eminent Domain to acquire <br />the property if an agreement is not <br />rea hed within 30 days. <br />The Opelika Building, a 54,000 sq. ft. <br />building, has been vacant for some time. <br />After acquisition, we expect to put the <br />building up for public bid for adaptive <br />reuse. If there is no interest in reuse <br />of he building, we will consider <br />dem lition. <br />Ms. Huddleston asked how long we would <br />look for reuse of the building before <br />ordering demolition. Mr. Hunt responded <br />that he thought six to eight months from <br />the time of acquisition would be <br />rea onable. <br />Upon a motion by Ms. Huddleston, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved Resolution No. <br />1041 related to acquisition of property <br />in the South Bend Central Development <br />Are by Eminent Domain. <br />Mr. Hunt noted that we have been looking <br />at opportunities to refinance our bonds <br />at a savings due to lower interest <br />rates. This refunding would involve the <br />1985 and 1986 Tax Increment Financing <br />Bonds and possibly the 1988 Tax Increment <br />Financing Bond. Preliminary estimates <br />show a possible savings of $150,000. <br />Although we haven't decided just which <br />bonds will be refunded, this resolution <br />all ws the process to move forward with <br />the publication of Notice of <br />Det Irmination to Issue Bonds. <br />-5- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1041 RELATED TO ACQUISITION <br />OF PROPERTY IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA BY <br />EMINENT DOMAIN <br />