2 Minutes 5-9-13 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —May 9, 2013 6. NEW BUSINESS B. Airport Economic Development Area (1) continued... Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission tabled Item 6.B.1. indefinitely. (2) Revised Purchase Agreement (1509 S. Kendall). Mr. Relos noted that on November 22, 2011, the Commission approved an Administrative Settlement for the acquisition of 1509 S. Kendall St. This settlement was in the amount of $59,100, and included $55,500 to pay off the delinquent mortgage, $1,500 in legal fees, and $2,100 in moving costs to the son living in the home. Since that time, additional liens have been placed against the property, which has now taken the payoff amount to gain clear title above the approved $59,100. To keep the acquisition of this property at or below the approved dollar amount, we would like to proceed with short sale paperwork to try to gain lender approval of a smaller dollar amount of $40,000. To proceed with the short sale paperwork, the lender needs a purchase agreement stating a purchase price of $40,000. Staff requests approval to modify the purchase agreement to reflect a $40,000 purchase price, the son's waiver of relocation costs, up to $12,000 in lien payoffs, $3,000 in legal fees, plus closing costs, for a total acquisition cost of approximately $56,000. Mr. Vamer asked if this was a signed purchase agreement already. Mr. Relos responded that it was signed; however we are way past the deadline. Mr. Meteiver responded that the purchase agreement had some deadline dates that were past due and this process needs to start over again. Upon a motion by Mr. Downes, seconded by Mr. Vamer and unanimously carried, the Commission approved the Revised Purchase Agreement (1509 S. Kendall). C. West Washington- Chapin Development Area There was no business in the West Washington- Chapin Development Area. D. South Side Development Area (1) Resolution No. 3139 approving and authorizing the execution of an Addendum to the Master Agency Agreement (Fellows St. Supplement #6).