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09-04-09 Redevelopment Commission Minutes
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09-04-09 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –September 4, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Airport Economic Development Area <br /> <br />(2) continued… <br /> <br />September 15, 2009. The Commission has a <br />right to an accounting of the unpaid <br />indebtedness secured by the property for a <br />charge of $150. Staff believes that the value <br />of the inventory is less than the amount owed <br />TCU. The inventory was originally <br />purchased for $850,000. Relocation costs <br />going back to that time period were in the <br />$1.5M range. It was a self move. SASCO <br />moved across the street from the jail site to <br />the current location. We have received recent <br />estimates to move the inventory in the $.7M <br />to $1M dollar range. We just believe there is <br />no value in the inventory. <br /> <br />Some would probably argue that the <br />collection of Studebaker Auto Parts is <br />irreplaceable, but its real economic value is <br />determined by what it can be sold for. <br />Historically, the sale of these parts has not <br />generated sufficient profits to keep current on <br />the loans that are due. Accordingly, Mr. Inks <br />believes the value of the Commission’s <br />before the asset sale is $0. After the sale of <br />the parts inventory, there will be no assets <br />that the Commission could pursue on the <br />loan. The unsecured personal guarantee also <br />has little, if any value, and would require <br />additional time and expense to pursue. <br />Based on a review of personal financial <br />information, it appears there is nothing to <br />pursue. The staff recommendation is to <br />accept the offer from TCU in the amount of <br />$10,000 and we would further recommend <br />the Commission authorize payment of $150 <br />for an accounting from TCU of the unpaid <br /> 6 <br /> <br />
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