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South Bend Redevelopment Commission <br />Regular Meeting - November 03, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />Upon a motion by Mr. Caldwell, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved the Subordination <br />Agreement between Bank One, Indiana, NA <br />and the City of South Bend, Department of <br />Redevelopment. (Drags Investments, LLC) <br />d. Staff report on disposition of property in the <br />Sample -Ewing Development Area. (305 E. <br />Broadway Street) <br />Mr. Mariani reported that the property located at <br />305 E. Broadway Street was advertised for sale <br />according to the State Redevelopment Law and <br />the official bidding period concluded September <br />4, 2000 with no offers received at the minimum <br />offering price of $1000. He stated that he had <br />received two requests to purchase the property <br />for $1.00. One offer was made by Magdalena <br />Del Valle who lives on the east side of the 40 <br />foot parcel and another offer was made by <br />Carmen Del Valle who lives on the west side. <br />Each wishes to increase the size of their <br />respective property with the purchase. The staff <br />has negotiated with the parties and they are <br />willing to each take half of the available parcel <br />for $1.00 each. The staff recommends accepting <br />the offers. <br />-7- <br />COMMISSION APPROVED THE <br />SUBORDINATION AGREEMENT BETWEEN <br />BANK ONE, INDIANA, NA AND THE CITY OF <br />SOUTH BEND, DEPARTMENT OF <br />REDEVELOPMENT (DRAGA INVESTMENTS, <br />LLC) <br />