2. Minutes 9/4/09 Meeting - Laserfiche WebLink

Home Browse Search

South Bend Redevelopment Commission Regular Meeting -September 4, 2009 determined by what it can be sold for. Historically, the sale of these parts has not generated sufficient profits to keep cur•ent on the loans that are due. Accordingly, Mr. Inks believes the value of the Commission's before the asset sale is $0. After the sale of the parts inventory, there will be no assets that the Commission could pursue on the loan. The unsecured personal guarantee also has little, if any value, and would require additional time and expense to pursue. Based on a review of personal financial information, it appears there is nothing to pursue. The staff recommendation is to accept the offer fi•om TCU in the amount of $10,000 and we would further recommend the Commission authorize payment of $150 for an accounting from TCU of the unpaid indebtedness secured by the property being sold. While we all have every confidence in TCU carrying out the sale in everyone's best interest, as a public entity we should probably have on record an accounting of that sale. Staff recommends accepting the offer of $10,000 and to have the accounting of sale at $150. Mr. Downes asked how soon the building would be vacant. Mr. Inks responded that staff is hoping it will be vacant the end of January. Staff is currently having demolition specifications written, with the intent of going out to bid near the end of the year for demolition. Upon a motion by Mr. Downes, seconded by Mr. Alford and unanimously carried, the Commission accepted the offer fi•om Teachers Credit Union in the amount of $10,000 and authorized payment of $150 for COMMISSION ACCEPTED THE OFFER FROM TEACHERS CREDIT UNION IN THE AMOUNT OF 1 0,000 AND AUTHORIZED PAYMENT OF $ t SO FOR AN ACCOUNTING OF THE SALE FROM TEACHERS CREDIT UNION