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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(4) continued... <br />LLC's initial application for tax credits for a <br />72 -unit senior housing project (Heritage <br />Place at LaSalle Square) the city had agreed <br />to support the project by purchasing property <br />from Faith Apostolic Temple, Inc. and <br />donating it to the development. A contract <br />offering $200,000 was drafted for the <br />property and submitted to Faith Apostolic, <br />Inc. as part of the original tax credit <br />application process. <br />On August 20, 2010 Resolution No. 2862 <br />was approved, setting the offering price for <br />this property at $69,500, the average of two <br />independent appraisals. We feel it is in the <br />best interests of furthering this project to <br />honor the original agreement with Faith <br />Apostolic Temple, Inc. and offer $200,000. <br />As part of a Purchase Agreement, Faith <br />Apostolic Temple, Inc. has been asked to <br />donate an additional 1.03 acres to the city as <br />right -of -way to allow for improvements <br />along Bonds Avenue into LaSalle Square. <br />They have agreed to do so. <br />Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br />Mr. Varner and unanimously carried, the SETTLEMENT OF $130,000 FOR ACQUISITION OF <br />Commission approved the Administrative 921 N. BENDIX DRIVE <br />Settlement of $130,000 for acquisition of 921 <br />N. Bendix Drive. <br />(5) Administrative Settlement for acquisition <br />of 1007 N. Bendix Drive. <br />Mr. Sikora noted that on October 23, 2009 <br />Resolution No. 2611 was approved, setting <br />24 <br />