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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />e. Commission auuroval requested for <br />Resollution No. 1155 seetng the Fair Market <br />Value of Land for proggW in the Studebaker <br />Corridor Development Area. <br />Ms. Manier explained that Block 10 is <br />bounded by Main, Broadway, Lafayette and <br />Indiana streets. We are seeking to acquire <br />the west half of the block. Western Avenue <br />Iron and Metal owns the southern half of <br />Block 10. Several other owners participate in <br />various ways in the ownership of the <br />remainder of the block. We filed for <br />Condemnation proceedings approximately a <br />year ago to acquire these pieces of land. <br />Through a very difficult negotiation process, <br />we have been trying to work out an <br />agreement with American Medical Oxygen <br />and Old Fort Building Supply who both <br />wished to expand onto the same location. <br />The agreement we have reached involves an <br />acceptance of a counter offer (to be presented <br />later) and acceptance of a disposition proposal <br />from both American Medical Oxygen and Old <br />Fort Building Supply. Therefore, it is <br />necessary to set the Fair Market Value of the <br />Disposition Parcels. Setting the Fair Market <br />Value at this time (before owning the <br />property) will assist in our negotiations by <br />letting all parties know what the property is <br />worth. <br />Upon a motion by Mr. Piasecki, seconded by <br />Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1155 <br />setting the Fair Market Value of Land for <br />property in the Studebaker Corridor <br />Development Area. <br />-52- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1155 SETTING THE FAIR MARKET <br />VALUE OF LAND FOR PROPERTY IN <br />THE STUDEBAKER CORRIDOR <br />DEVELOPMENT AREA <br />