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South Bend Redevelopment Commission <br />Regular Meeting— December 6, 2002 <br />6. NEW BUSINESS <br />D. South Bend Central Development Area <br />(5) continued... <br />an in -kind contribution, valued at $150,000 <br />to $175,000, in the form of public works for <br />the Crowe Chizek expansion project that <br />was completed this year. The total sum of <br />cash paid and public works provided was to <br />equal $550,000. The City, working through <br />the Board of Public Works, could not <br />identify sufficient public works to make up <br />the difference. Also, two appraisals <br />completed in 2002 for the Commission <br />valued the land at an average price of <br />$504,000. The purpose of the amendment is <br />to formally record the revised payment of <br />$550,000 in five installments. Staff <br />recommends approval of the amendment. <br />Ms. Greene noted that the Commission has <br />agreed to the amendment by way of the <br />development agreement which was <br />previously executed with Crowe Chizek and <br />this amendment to the Contract for Sale of <br />Land is consistent with the development <br />agreement. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved the First Amendment <br />to Contract for Purchase and Sale of Real <br />Estate. (AEC Building) <br />(6) Commission approval requested for <br />Resolution No. 1929 approving the fair <br />re -use value of property in the South <br />Bend Central Development Area. (Palais <br />Royale Building) <br />21 <br />COMMISSION APPROVED THE FIRST AMENDMENT <br />TO CONTRACT FOR PURCHASE AND SALE OF REAL <br />ESTATE. (AEC BUILDING) <br />