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South Bend Redevelopment Commission <br />L� Regular Meeting — March 4, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(1) Commission approval requested for <br />Resolution No. 2147 related to acquisition <br />of property in the South Bend Central <br />Development Area. <br />Mr. Schalliol reported earlier in this <br />Commission meeting Resolution No. 2145 <br />was approved which amended the South <br />Bend Central Development Area <br />Development Plan and added one (1) <br />property to the acquisition list. Resolution <br />No. 2147 sets the offering price for property <br />located at 412 South Lafayette Boulevard <br />and authorizes the staff to send a purchase <br />offer to the owner. The proposed acquisition <br />property has a single commercial structure <br />located on the parcel. The acquisition of the <br />parcel is necessary to facilitate future <br />planning and development within the <br />Coveleski Neighborhood Planning Area. <br />This acquisition will allow the existing <br />property owner to relocate and expand his <br />existing business within the South Bend city <br />limits. <br />Staff has obtained two independent MAI <br />appraisals for the property and the average of <br />the two appraisals is Three Hundred Forty - <br />Two Thousand Five Hundred ($342,500) <br />Dollars. If approved by the Redevelopment <br />Commission, a purchase offer will be sent to <br />the property owner at the aforementioned <br />amount. Staff requests approval of <br />Resolution No. 2147. <br />Ms. Greene noted that acquisition of property <br />is governed by I.C. 36- 7- 14 -19. Under this <br />section of the Code, the Commission must <br />IL 12 <br />