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South Bend Redevelopment Authority <br />• Special Meeting - March 8, 1991 <br />4. NEW BUSINESS (Cont.) <br />c. Authority approval requested for Resolution No 36 relating <br />to acquisition of property in the Airport Economic <br />Development Area by eminent domain. <br />Mrs. Kolata noted that this resolution is the first <br />resolution related to the acquisition of property in the <br />Airport Economic Development Area. The resolution states <br />that it is necessary or considered useful in connection <br />with the development plan for the area to acquire these <br />parcels. It ratifies the appointment of the appraisers for <br />the property and accepts the appraisals that were <br />received. It also authorizes the staff to send a purchase <br />offer for the price listed on Attachment "A" and authorizes <br />the use of eminent domain procedures to acquire the <br />property if agreement to price is not reached within 30 <br />days. <br />Mrs. Kolata noted that she and Jon Hunt have been meeting <br />individually with the property owners to discuss the <br />procedures under which the offers would be made, to talk <br />about the relocation benefits that are available, and to <br />discuss the approximate value of their property, based on <br />• the appraisals. They have met with four property owners to <br />date. <br />Mrs. Kolata noted that the 30 day limit to agree on price <br />is not a firm rule. If good faith negotiations are taking <br />place, the time is extended. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously approved the Authority approved Resolution <br />No. 36 relating to acquisition of property in the Airport <br />Economic Development Area by eminent domain. <br />d. Authority at~proval requested for Resolution No 37 <br />aporovina an Addendum to the Official Statement relating to <br />the issuance_of the South Bend Redevelopment Authority <br />distribution of information. <br />Mrs. Kolata explained that Resolution No. 37 relates to a <br />technical issue on the $2,355,000 tax exempt Airport area <br />bond. Merrill Lynch bought the bonds and re-offered <br />certain bonds to the public at less than their par value, <br />which caused "original issue discounts." The Official <br />Statement needs to include all of the terms of the bond <br />• issue and this is something that came up after the sale. <br />-5- <br />