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South Bend Redevelopment Commission <br />Regular Meeting -January 15, 2010 <br />Mr. Inks noted that the Commission is <br />essentially buying the property for Habitat. <br />He asked whether the city needed to close on <br />this deal on a fast track. Mr. Relos <br />responded that it does not. <br />Ms. Spivey asked whether, in the interest of <br />moving the project along, the Commission <br />could take some action indicating its intent to <br />participate in the project. <br />Mr. Pink asked if the appraisal came back <br />lower than $345,000, would the Commission <br />expect the seller to accept that price. Mr. <br />Downes responded that a lower appraisal <br />would improve Habitat's negotiating <br />position. <br />Mr. Pink asked who would spend $2,400 to <br />get an appraisal done, not knowing if the <br />Commission would approve the acquisition <br />of Sample Street after the appraisal. He <br />noted that a letter of understanding, not <br />necessarily a purchase agreement, could be <br />drafted for the Main Street property. Or a <br />purchase agreement could be drafted with the <br />contingency that the Main Street property <br />appraise out at $345,000. <br />Mr. Downes made a motion to accept <br />Habitat's counter offer for 412 Sample St. in <br />the amount of $345,000 and approve <br />relocation expenses of $342,223 contingent <br />on getting an outside appraisal of the Kroger <br />property and Watcon parking lot that is close <br />to the $342,223 total. Ms. King seconded. <br />The motion carried. <br />(3) Confidential Settlement Agreement and <br />Release with Century Indemnity Company <br />and TIG Insurance Company related to <br />COMMISSION ACCEPTED HABITAT'S COUNTER <br />OFFER FOR 412 SAMPLE ST. [N THE AMOUNT OF <br />$345,223 AND APPROVED RELOCATION <br />EXPENSES OF $342,223, CONTINGENT ON <br />GETTING AN OUTSIDE APPRAISAL OF THE <br />KROGER PROPERTY AND WATCON PARKING LOT <br />THAT IS CLOSE TO THE $342,223 TOTAL <br />24 <br />