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05-09-13 Redevelopment Commission Minutes
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05-09-13 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting —May 9, 2013 <br />6. NEW BUSINESS <br />B. Airport Economic Development Area <br />(1) continued... <br />Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br />Commission tabled Item 6.B.1. indefinitely. <br />(2) Revised Purchase Agreement (1509 S. Kendall). <br />Mr. Relos noted that on November 22, 2011, the Commission approved an Administrative <br />Settlement for the acquisition of 1509 S. Kendall St. This settlement was in the amount of <br />$59,100, and included $55,500 to pay off the delinquent mortgage, $1,500 in legal fees, and <br />$2,100 in moving costs to the son living in the home. <br />Since that time, additional liens have been placed against the property, which has now taken <br />the payoff amount to gain clear title above the approved $59,100. To keep the acquisition of <br />this property at or below the approved dollar amount, we would like to proceed with short <br />sale paperwork to try to gain lender approval of a smaller dollar amount of $40,000. <br />To proceed with the short sale paperwork, the lender needs a purchase agreement stating a <br />purchase price of $40,000. <br />Staff requests approval to modify the purchase agreement to reflect a $40,000 purchase <br />price, the son's waiver of relocation costs, up to $12,000 in lien payoffs, $3,000 in legal <br />fees, plus closing costs, for a total acquisition cost of approximately $56,000. <br />Mr. Vamer asked if this was a signed purchase agreement already. Mr. Relos responded <br />that it was signed; however we are way past the deadline. Mr. Meteiver responded that the <br />purchase agreement had some deadline dates that were past due and this process needs to <br />start over again. <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission approved the Revised Purchase Agreement (1509 S. Kendall). <br />C. West Washington- Chapin Development Area <br />There was no business in the West Washington- Chapin Development Area. <br />D. South Side Development Area <br />(1) Resolution No. 3139 approving and authorizing the execution of an Addendum to the <br />Master Agency Agreement (Fellows St. Supplement #6). <br />
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