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South Bend Redevelopment Commission <br />Regular Meeting —June 14, 2011 <br />Washington) <br />(3) Resolution No. 2889 related to acquisition <br />of property in the West Washington - <br />Chapin Development Area (109 -111 N. <br />Taylor) <br />Mr. Relos noted that 109 — 111 N. Taylor St. <br />was added to the West Washington Chapin <br />Development Area Acquisition List by <br />Resolution No. 2852 on March 22, 2011. It <br />is adjacent to the above property on West <br />Washington Street. It is a one story office / <br />commercial building with full basement built <br />in 1956. The building contains 2,026 square <br />feet on a 56' x 93' lot, across the street from <br />Tippecanoe Place Restaurant. <br />Resolution No. 2889 sets the acquisition <br />value of the property at $57,500, the average <br />value as determined by two independent <br />appraisals. Staff recommends approval. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2889 <br />related to acquisition of property in the West <br />Washington- Chapin Development Area (109- <br />111 N. Taylor) <br />(4) Resolution No. 2890 approving and <br />accepting a counteroffer for the <br />acquisition of property (109 -111 N. <br />Taylor) <br />Mr. Relos noted that the owner of 109 -111 <br />N. Taylor has made a counter offer in the <br />amount of $65,000. The owners of this <br />property bought it in 1992 for approximately <br />$60,000. Over the years they have invested <br />in a new rubber roof, furnace, and office <br />upgrades. The property is assessed at <br />51 <br />COMMISSION APPROVED RESOLUTION NO. 2889 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />WEST WASHINGTON- CHAPIN DEVELOPMENT <br />AREA (109 -111 N. TAYLOR) <br />