2 Minutes 08-15-13 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — Thursday, August 15, 2013 6. NEW BUSINESS (CONT.) G. Ratification of Services Contracts Mr. Downes made a motion to ratify the services contracts and purchase agreement listed above. Ms. Schey asked for a brief update on the 1509 Kendall acquisition. Mr. Relos responded that the mortgage on the property is `upside down." The Redevelopment Commission approved the short sale agreement in May 2013. Since then, staff has had to rewrite the purchase agreement paperwork for the short sale by changing the date (due to being past the closing date) and removing the "S." on the address which read, "1509 S. Kendall." The mortgage company's paperwork reads "1509 Kendall." Ms. Schey said that she expected there to be some additional discussion regarding this property. If the Commission approves the purchase agreement as requested today, what would be the impact of that? Mr. Relos responded that there won't be any impact. Staff already has two signed contracts with the owners. Ms. Schey asked if the signed contracts are for the agreed upon amount. Mr. Relos responded that they are. The Commission approved the first dollar amount November 2011; then staff had the purchase agreement signed by the owners in May 2012. 191 Commission Role in Transaction Contractor Service Provided Contract Amount Staff Member 4627 Miami Acquisition Meridian Title Title work $150 Relos 4711 Miami Acquisition Meridian Title Title work $100 Relos Hill and Colfax lot Disposition Meridian Title Title work 300 Kam 228 Sycamore Disposition Waszak Appraisals Appraisal $1,700 Relos 228 Sycamore Disposition I R.E. Pitts Appraisal $1,650 Relos 331 W. Wayne osition Waszak Appraisals Appraisal $2,900 Relos 331 -410 W. Wayne Gates Auto Service position R.E. Pitts Appraisal $2,350 Relos 112 S. St. Louis :Disposition Jerome E. Michaels Appraisal $1,075 Relos 112 S. St. Louis osition R.E. Pitts Appraisal $1,450 Relos 112 S. St. Louis Disposition Meridian Title Title work $150 Jennings 331 -410 W. Wayne Gates Auto Service Disposition Meridian Title Title work $200 Jennings 228 Sycamore Disposition Meridian Title Title work 5100 Jennings 1509 Kendall Acquisition Changes to Purchase Agreement Relos Mr. Downes made a motion to ratify the services contracts and purchase agreement listed above. Ms. Schey asked for a brief update on the 1509 Kendall acquisition. Mr. Relos responded that the mortgage on the property is `upside down." The Redevelopment Commission approved the short sale agreement in May 2013. Since then, staff has had to rewrite the purchase agreement paperwork for the short sale by changing the date (due to being past the closing date) and removing the "S." on the address which read, "1509 S. Kendall." The mortgage company's paperwork reads "1509 Kendall." Ms. Schey said that she expected there to be some additional discussion regarding this property. If the Commission approves the purchase agreement as requested today, what would be the impact of that? Mr. Relos responded that there won't be any impact. Staff already has two signed contracts with the owners. Ms. Schey asked if the signed contracts are for the agreed upon amount. Mr. Relos responded that they are. The Commission approved the first dollar amount November 2011; then staff had the purchase agreement signed by the owners in May 2012. 191