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• 'South Bend Redevelopment Authority <br />Special Meeting - October 27, 1992 <br />3. NEW BUSINESS <br />a. continued... <br />Ms. Manier explained that since the property was purchased <br />with lease/purchase bond proceeds, we are prohibited from <br />selling it. We can not accept the. $49,000 offer. However, <br />we aren't protected from condemnation action under the terms <br />of the bond. The only way we can convey the land to them, <br />except for a lease which they won't accept, is to have them <br />condemn it. <br />The Toll Road has sent us a purchase offer for the appraised <br />value of $49,000, which the staff recommends rejecting. The <br />Toll Road Authority will file. for condemnation and then we <br />expect to settle with them at an agreed upon amount. <br />Mr. Gammage asked why the Toll Road wouldn't take the -land <br />in a lease/purchase. Ms. Manier explained. that they are <br />. doing the expansion with Toll Road funds which are under <br />terms of a bond, also, which requires them to own the land <br />they improve. <br />• Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority rejected the purchase <br />offer of $49,000 from the Toll Road Authority for land in <br />the Airport Economic Development Area and authorized Ann <br />Kolata to notify them of its rejection. <br />b. Authority approval requested for Agreement with Indiana <br />Michigan Power Companv. <br />Mrs. Kolata explained that this agreement is among the <br />Redevelopment Authority, the City of South Bend, and Indiana <br />Michigan Power Company, related to the relocation of <br />electric lines that currently cross the golf course and <br />office park area. It states that I & M will do the work <br />necessary to relocate the lines at a cost not to exceed <br />$1,183,000. The City received $1,200,000 of Build Indiana <br />funds to pay for this relocation. As owner of the property, <br />the Authority must approve the Agreement. <br />Upon a motion by Mr. Gammage, seconded by Mr. Fewell and <br />unanimously carried, the Authority approved the Agreement <br />with Indiana Michigan Power Company for relocation of power <br />lines in the Airport Economic Development Area. <br />4. APPROVAL OF CLAIMS <br />• <br />-2- <br />