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South Bend Redevelopment Commission <br />Regular Meeting — March 4, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(2) continued... <br />review and found that none of the bids met <br />the minimum offering price of $400,500. <br />Therefore, the Redevelopment Commission <br />is requested to reject all bids and authorize <br />staff to begin negotiations with interested <br />parties for the disposition of the property. <br />Staff understands that no sale may be made <br />at a price less than the offering price for a <br />period of thirty (30) days after the bid <br />opening. <br />Ms. Greene noted that disposition of property <br />is governed by I.C. 36- 7- 14 -22. Under this <br />section of the Code, the Commission is <br />required to obtain two independent appraisals <br />of the value of the property for sale or lease. <br />The appraisals must take into consideration <br />the size, location and physical condition of <br />the property and all other factors effecting <br />value. The appraisals are solely for the <br />information of the Commission and are not <br />open for public inspection. The Commission <br />must then prepare an offering sheet showing <br />the properties and the offering price which <br />may not exceed the average of the two <br />appraisals. After publishing notice consistent <br />with the requirements of I.C. 5 -3 -1, the <br />Commission may reject any bids received <br />and may make an award to the highest <br />bidder. <br />In determining the best bid, the Commission <br />must consider the following: (1) The size and <br />character of the improvements proposed to <br />be made by the bidder on the real property <br />bid on; (2) The bidder's plans and ability to <br />IL 14 <br />