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South Bend Redevelopment Commission <br />Regular Meeting— October 19, 2001 <br />6. NEW BUSINESS (CONT.) <br />L Continued... <br />Ms. Greene stated for the record that Allied <br />Products is currently in Chapter 11 bankruptcy <br />which is pending before the Northern District of <br />Illinois Bankruptcy Court. There are several <br />legal matters that the Legal Department would <br />like to pursue through the bankruptcy process, <br />some of which are indirectly related to the <br />subject proposal. In addition to rejecting the <br />counter offer from Allied Products, the Legal <br />Department requests that the Commission <br />authorize the Legal Department to take all <br />necessary actions in the pending bankruptcy <br />matter. If it is the Commission's preference, <br />Legal suggests that the Commission move to <br />reject the counter offer and authorize the Legal <br />Department to take action through the <br />bankruptcy court. <br />Upon a motion by Mr. Caldwell, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission rejected the Allied Products <br />counter offer and authorized the Legal <br />Department to take all necessary action against <br />Allied Products through the bankruptcy court. <br />g. Commission approval requested for <br />professional services in the South Bend <br />Central Development Area. (Appraisal, <br />Michigan St. shops in the Leighton Plaza <br />parking garage) <br />Mr. Mathis reported that two proposals were <br />received for appraisals of the six Michigan <br />Street shops in the Leighton Plaza. These <br />appraisals, if accepted, will be used to determine <br />the current fair market rental value for these <br />properties which are owned by the <br />Redevelopment Commission and leased out on a <br />13 <br />COMMISSION REJECTED THE ALLIED PRODUCTS <br />COUNTER PROPOSAL AND AUTHORIZED THE <br />LEGAL DEPARTMENT TO TAKE ACTION AGAINST <br />SAME THROUGH THE BANKRUPTCY COURT. <br />