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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />property owners are James and Ruth <br />Hamilton. <br />Mrs. Kolata reported that the purchase <br />offer is in the amount of $66,800 and the <br />right of first refusal to purchase the <br />property described in Exhibit B (which is a <br />Commission owned lot at the corner of <br />Franklin and Sample). <br />She also noted that this property is part of <br />the Hamilton Towing and Body Shop <br />operations. There is a small building <br />located on the property which houses a <br />crane used to tow large trucks that have <br />broken down. The property also has a lot <br />that is used to store impounded cars. The <br />appraisal states that the value of the <br />property is $66,800 as long as suitable <br />replacement land is made available to the <br />seller. The suitable replacement land is <br />Disposition Parcel #7 located at the corner <br />of Franklin and Sample Streets in the <br />Sample -Ewing Development Area. <br />The staff recommends adopting <br />Resolution No. 1576. <br />Ms. Schwartz asked what are the terms of <br />the right of first refusal and if any <br />additional specifics are needed as to what <br />the right of first refusal includes. Anne <br />Bruneel stated that the value stated in the <br />appraisal is the value of the parcel. Mrs. <br />Kolata stated that the purchase offer <br />authorizes Eminent Domain if a <br />-10- <br />