Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — October 7, 2005 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(6) continued... <br />take action at the September 16 meeting, but <br />asked staff to review the revised proposal. <br />Part of the issue GECE raised to the <br />Commission was the value of the property as <br />related to the geotechnical characteristics of <br />the land. GECE wanted the Commission to <br />offset some of the costs of development <br />because of the geotechnical challenge to the <br />site. <br />Ms. Greene noted that the property was <br />previously appraised and offered for sale <br />through the public bid process. However, a <br />' significant amount of time has passed since <br />the appraisals were done. GECE contends <br />that the land is no longer valued at the price <br />which the Commission hase offered it due to <br />the geotechnical difficulties. The <br />Commission must determine whether it <br />wants to proceed with GECE's original <br />proposal or their new proposal. Since the <br />change requested by GECE is a material <br />change, the Commission may need to re -bid <br />the land. Staff has consulted with legal <br />counsel, and after reviewing the facts and <br />circumstances related to the property and the <br />Commission's legal obligations concerning <br />property disposition, staff is suggesting that <br />the Commission authorize new appraisals for a <br />determination of a fair market value for the <br />property. <br />Mr. King noted that the original appraisals on <br />this property were performed nearly ten years <br />ago and may not have fully taken into account <br />the geotechnical conditions described by <br />GECE at the September 16 meeting. In order <br />25 <br />