Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - November 21, 1997 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />speculation or for some purpose but I <br />certainly have not been advised by Cornell <br />Bass, who is the principal that I have been <br />working with from American Bankers, that <br />they were interested in buying properties <br />at tax sale for the express purpose of <br />demolishing or rehabbing housing. I know <br />that they have other properties here in <br />South Bend that we have had problems <br />with from a Code Enforcement standpoint <br />and they have been picked up in the same <br />fashion. It was my initial understanding <br />that they were picked up to speculate from <br />a tax standpoint in the interest of <br />obviously recouping their monies from a <br />redemption standpoint. So I can only tell <br />you what I know from my <br />standpoint —this is news to me with regard <br />to their new plan. <br />KEVIN BUTLER: I think that is generally <br />correct. That is what entities that acquire <br />properties at tax sale, that is the general <br />purpose. However, often time the <br />properties are not redeemed. In those <br />instances then, American Bankers makes <br />arrangements to market the property and <br />have the property sold. This is the first <br />property that they have where they have <br />done demolition and have a vacant piece <br />of property, which they now want to <br />proceed with the single - family <br />development. This is something that they <br />do, as I indicated. In Maryland, they have <br />done this, they are doing this in Maryland <br />and intend to do this with this property. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\112197.MIN -26- <br />