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South Bend Redevelopment Commission <br />Regular Meeting -August 1, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />parking lot owned by Mary Coyne <br />Investments, adjacent to the historic JMS <br />Building. The Commission's interest in the <br />property is related to the parking assembly <br />for a proposed development of residential <br />condominiums in the 7MS building. The <br />Commission has agreed to secure an option <br />on the property and dispose of it through the <br />public disposition process, setting an offering <br />price equal to the Commission's negotiated <br />purchase price. The price the Commission <br />has negotiated with Mary Coyne is $200,000, <br />thus Resolution No. 2480 sets the offering <br />price for disposition at $200,000. <br />Mr. Inks noted that by law the Commission is <br />not allowed to set the offering price lower <br />than the average of two appraisals of the <br />property. In this case, the average is <br />$84,000. However, the Commission may set <br />it higher than that amount. Since the <br />Commission negotiated a price with the <br />sellers of $200,000, we are making that the <br />offering price. Staff recommends approval. <br />Mr. Varner asked if there was any chance the <br />Commission could end up owning the lot and <br />not have a buyer. Ms. Laurent responded <br />that the Option won't be exercised until <br />closing with the owner of the JMS building. <br />The intent of the Option is to protect the city. <br />Upon a motion by Mr. King, seconded by COMMISSION APPROVED RESOLUTION No. 2480 <br />Mr. Varner and unanimously carried, the APPROVING THE EAIR MARxET vALUE of <br />COmmisslOn apprOVed ReSOlutlOn NO. 2480 PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (118 N. MAIN STREET, <br />approving the fair market value of property JN1S PARxING LOT) <br />