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South Bend Redevelopment Commission <br />Regular Meeting -July 20, 2007 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />() continued... <br />Upon a motion by Mr. Peczkowski, seconded <br />by Mr. Downes and unanimously carried, the <br />Commission approved the request for <br />proposal for title work on 633 S. Michigan <br />St. and accepted the proposal from Meridian <br />Title for the scope of services and fee <br />proposed. <br />(5) Commission approval requested for <br />Contract for Purchase and Sale with <br />Tycore, Ltd. (Vacant lot adjacent to <br />Commerce Center, 312 E. LaSalle) <br />Mr. Inks noted that this is a small lot the <br />Commission owns near the Commerce <br />Center. The Commission took previous <br />action to authorize staff to put this contract <br />together for the sale to Tycore. <br />Mr. Peterson noted that the contract is the <br />Commission's standard Contract for <br />Purchase. The purchase price is $1.00 <br />Mr. Peczkowski asked if there isn't precedent <br />being set for future land sales to sell at this <br />price. Wouldn't it be better to have gotten <br />something for the property? Mr. Peterson <br />responded that the Commission used bond <br />proceeds to acquire and improve that <br />property. Any money which we receive for <br />the property's sale, we would have to use to <br />defease a bond, which would cost more than <br />$10,000. It's more economical to give the <br />property away. <br />Mr. Peczkowski asked if that will be true of <br />COMMISSION APPROVED THE REQUEST FOR <br />PROPOSAL FOR TITLE WORK ON 633 S. MICHIGAN <br />ST. AND ACCEPTED THE PROPOSAL FROM <br />MERIDIAN TITLE FOR THE SCOPE OF SERVICES <br />AND FEE PROPOSED <br />47 <br />