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South Bend Redevelopment Commission <br />Ask Regular Meeting - December 1, 1995 <br />6. NEW BUSINESS (Cont.) <br />n. continued... <br />Commission to send the purchase offer <br />to the property owner of the land <br />surrounding Central High School with <br />the offering price being $1.00 <br />contingent upon Commission <br />acceptance of Owner's lease - purchase <br />bid for the property, submitted in <br />response to Commission solicitation for <br />bids for disposition by lease- purchase <br />of the property. <br />Upon a motion by Ms. Auburn, <br />seconded by Mr. Hunt and <br />unanimously carried, the Commission <br />approved Resolution No. 1398 related <br />to acquisition of property in the South <br />Bend Central Development Area by <br />Eminent Domain. <br />j. Commission approval requested for <br />Resolution No. 1396 setting the Fair <br />ReUse Value of Land in the South <br />Bend Central Development Area. <br />(Central High School Apartments) <br />Mrs. Kolata noted that as part of the <br />permanent financing for Central High <br />School Apartments the developer needs <br />to own the property surrounding the <br />apartments. After the Commission <br />purchases the property surrounding <br />Central High School for one dollar, it <br />needs to put the property up for bid. <br />We've determined that the Fair ReUse <br />Value of the property is $299,000.00 <br />structured as a 30 -year lease purchase. <br />-12- <br />COMMISSION APPROVED RESOLUTION NO. 1398 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA BY <br />EMINENT DOMAIN <br />