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South Bend Redevelopment Commission <br />Regular Meeting -September 19, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) continued... <br />Properties for purchase of Lots 7 and 8 in the <br />Oliver Industrial Park for a nominal fee. <br />(2) Proposal for Professional Services in the <br />Airport Economic Development Area. <br />(Appraisals, MIND Area) <br />Mr. Witwer noted that Rick Pitts and Frank <br />Lauver are currently appraising property <br />located at 1515 S. Franklin Street with the <br />intent that the property be added to the <br />Airport Economic Development Area <br />Acquisition List. Burton Investments, owner <br />of 1515 S. Franklin, also owns property on <br />Indiana Avenue and Taylor Street. The <br />value to Burton of the Indiana Ave. and <br />Taylor St. properties is undermined by the <br />loss of the Franklin St. property. Burton <br />Investments wants the Commission to <br />purchase all of the properties if it purchases <br />the Franklin St. property. <br />Staff, therefore, wishes to have the Indiana <br />Ave. and Taylor St. properties appraised for <br />potential addition to the Acquisition List. <br />Rick Pitts has submitted a proposal to do the <br />appraisals for a fee of $8,500. Ralph Lauver <br />has submitted a proposal in the amount of <br />$8,000. Two appraisals are needed to set the <br />offering price. Staff recommends accepting <br />both proposals. <br />Mr. Varner asked how urgent this acquisition <br />is. Mr. Witwer responded that it is urgent. <br />10 <br />