Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - November 21, 1997 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />acquisition, there was a structure on the <br />property. That property was acquired in <br />1996. Working with Code Enforcement, <br />they first secured and boarded up the <br />building, then subsequently in this year <br />demolished the building. The cost of <br />securing and demolition was $4,000. <br />They have in this property, at this point, in <br />excess of $20,000. <br />There are two homes under construction, <br />one on each side of this now vacant lot. <br />This is not a distressed property. It is not <br />blighted. My understanding is that <br />Redevelopment is not assembling property <br />in this area for a larger development, but <br />rather these acquisitions are for single - <br />family developments. American Bankers <br />will construct a single - family home on this <br />property. It will be in the vicinity of 1,200 <br />to 1,300 sf. A two -story home. The home <br />will be sold. It will be sold to low to <br />moderate income —in terms of the pricing. <br />American Bankers has been acquiring <br />property in Indiana, particularly in <br />Indianapolis, Elkhart, Niles and St. Joseph <br />County. I have been involved with them <br />with respect to two of the properties that <br />they have acquired in Elkhart County, both <br />of which were subsequently sold. Those <br />had homes that they rehabbed and then <br />sold. Their single - family development <br />experience... currently they are building <br />homes on properties that they acquired in <br />Elkridge Maryland and Hartford County <br />Maryland. They are located in the D.C. <br />HAHOME\CPHIPPS \WPDATA \COMMSN\ 112197.MIN -23- <br />