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South Bend Redevelopment Commission <br />Special Meeting -June 13, 2008 <br />3. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(1) continued... <br />MR. KROL: A lot of us are not certain as to <br />a timetable for all this to take place. <br />MR. INKS: It would typically occur over <br />probably the next six or nine months. Our <br />acquisition process calls for us to obtain two <br />independent appraisals of the property. The <br />Commission would set an offering price in a <br />public meeting, based on the average of those <br />two appraisals. That price would be <br />presented to you as an offer on the property <br />for your acceptance or counter offer. <br />MR. KROL: What then? Each household <br />negotiates with the city on the settlement of <br />the property? <br />MR. INKS: That's right. <br />MR. KROL: So, beyond that nine month <br />period, there isn't a deadline out there as far <br />as when the city would take ownership? <br />MR. INKS: Well, each one would be <br />handled individually, so, depending on how <br />quickly we could get appraisals and get <br />offers out to folks, and they accept, it could <br />be within six months. Then, again, in your <br />case, these are all voluntary acquisitions, so <br />the timing is really up to you. These would <br />remain on the city's acquisition list <br />indefinitely to provide relief from the <br />surrounding development that is planned for <br />the Oliver Industrial Park. <br />MR. KROL: So, are you saying for the <br />