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Community & Economic � 6 (-2-) MMMM7Development 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Monroe Park Neighborhood — purchase offer 609 E. Columbia Date: April 24, 2012 This memo is an update and request to proceed regarding the proposed sale of 609 E. Columbia, in the Monroe Park Neighborhood. On June 28, 2011 the Commission approved bid specs, fair - market valuation, and advertising of legal notices to begin the disposition process for five properties in the Monroe Park neighborhood. This property's fair market valuation, based on the average of two disposition appraisals, is $15,500. On July 26, 2011, staff reported that no bids had been received on any of the properties, and they would then be able to be sold at a negotiated price. On September 27, 2011 the Commission approved a contract with Bruce Gordon to list and market four of the five properties. On November 22, 2011, the Commission rejected a $5,000 offer on this property, and instead approved a counter offer in the amount of $10,000. This price was accepted by the interested party, and a purchase agreement submitted. The interested party, who lives in the neighborhood and purchased two other properties, has let the purchase agreement expire with no further action. Recently, another party has submitted an offer. This person would live in the house, which is the goal of the Commission for these houses, which is to encourage owner occupants. This offer was for $5,000. With guidance from Mr. Gordon, staff recommends that the Commission counter with a price of $8,000, and set this value as the lowest price it would accept for this property. What We Do Today Makes A Difference!