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South Bend Redevelopment Commission <br />Special Meeting - August 20, 1997 <br />located right at the interchange at Brick <br />Road. Mr. Faccenda asked how the <br />Commission will account for damage to <br />the farmer's crop. Anne Bruneel stated <br />that this price represents a consequential <br />damage of the property. Mr. Faccenda <br />asked from what account the road will be <br />paid. Ms. Kolata stated that the road will <br />be paid from tax increment available in the <br />Airport Economic Development Area. <br />She also stated that the Water and Sewer <br />Department may be able to help with the <br />water and sewer using water and sewer <br />funds. If not, tax increment will pay for <br />these improvements as well. Mr. <br />Faccenda also stated that if there's a <br />potential buyer in the future, the <br />Commission will want to know if the land <br />will be sold at a lower price than what the <br />land initially cost. Ms. Kolata stated that <br />the land will be appraised for disposition <br />and it is unlikely that we would sell it for <br />less than what it cost per acre. She also <br />noted that if the land is appraised as <br />industrial (with water and sewer and road) <br />the disposition cost will probably be <br />$30,000 or more an acre. Ms. Kolata <br />noted that some of the sales that have <br />occurred in the Airport Area have been in <br />the low $30,000s or as much as $35,000 <br />an acre for industrial land that is not as <br />favorably situated as this piece of land. <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Faccenda, the Commission <br />approved the acquisition of property <br />located in the Airport Economic <br />Development Area. <br />H:\IIOME\ CPHIPPS \WPDATA \COMMSN\082097.MIN -4- <br />COMMISSION APPROVED THE ACQUISITION OF <br />PROPERTY LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA <br />