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South Bend Redevelopment Commission <br />Regular Meeting -October 17, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(12) continued... <br />related to acquisition of property in the South <br />Bend Central Development Area. (414 S. <br />William) <br />(13) Resolution No. 2495 related to acquisition <br />of property in the South Bend Central <br />Development Area. (416 Western Ave.) <br />Mr. Gibney noted that Resolution No. 2495 <br />sets the offering price for 416 Western <br />Avenue at $161, 825, the average of two <br />independent appraisals. The property is an <br />11,040 sft lot with one commercial structure, <br />owned by Jack E. Richey Jr. and Pamela E. <br />Richey. <br />Upon a motion by Ms. King, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2495 <br />related to acquisition of property in the South <br />Bend Central Development Area. (416 <br />Western Ave.) <br />(14) Resolution No. 2496 approving and <br />accepting a counteroffer for the <br />acquisition of property in the South Bend <br />Central Development Area. (416 Western <br />Ave.) <br />Mr. Gibney noted that the Richeys have <br />made a counter offer in the amount of <br />$190,000. The value is similar to the values <br />of other commercial properties acquired in <br />the area and will have no relocation costs <br />associated with it, because the owners desire <br />to retire. Staff recommends accepting the <br />offer. <br />21 <br />COMMISSION APPROVED RESOLUTION NO. 2495 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA. <br />(416 WESTERN AVE. <br />