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South Bend Redevelopment Commission <br />Regular Meeting — October 7, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) continued... <br />The offering price is $400,000, including the <br />business assets and intellectual properties <br />associated with the properties. The average <br />of two independent appraisals of the property <br />is $324,000. The value of the business and <br />intellectual assets of the properties was <br />determined to total approximately $76,000. <br />The property atl 17 South Street is5,445 sft <br />with a single story, 3,948 sft building. The <br />property at 722 S. Michigan St. is10,385 sft <br />with a single story, 2,274 sft building. The <br />property at 724 -726 is 5,734 sft with a two - <br />story, 4,850 sft building. <br />Ms. Greene noted that the property owners <br />are voluntarily selling their properties to the <br />Commission. The Commission is meeting its <br />legal requirements for property acquisition <br />by following the procedures set forth in the <br />Redevelopment Act, IC 36 -7 -14, referenced <br />previously by adding these properties to the <br />Commission's acquisition list. There have <br />been extended discussions with the owners <br />through their legal counsel and legal counsel <br />has been able to draft a purchase agreement <br />incorporating terms and conditions for the <br />transactions. <br />Ms. Greene noted that the purchase price <br />includes the real property, the improvements, <br />certain personal property, and certain <br />intangible property rights. There is also <br />language in the purchase agreement having <br />to do with certain restrictive covenants that <br />IL) have a value as well with respect to these <br />10 <br />