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South Bend Redevelopment Commission <br />Regular Meeting— October 19, 2001 <br />6. NEW BUSINESS (CONT.) <br />h. Continued... <br />Mr. Mathia reported that the staff solicited <br />proposals from a total of five appraisers and <br />three proposals were received. The first was <br />from Jerome E. Michaels in the amount of <br />$7,000. The second was from R.E. Pitts & <br />Associates for $6,400. The third was from <br />Farrington Appraisals, Inc. for $5,000. <br />Mr. Pitts noted in his proposal that he had <br />within the past year "appraised a partial interest <br />(underlying land value) of one of the subject <br />properties, 228 Sycamore Street, for a <br />commercial lender for potential mortgage <br />purposes. The appraisal was not performed for <br />the property owner." Staff conferred with the <br />Legal Department and they determined that this <br />would not constitute a conflict of interest. <br />The subject properties are commercial parcels <br />with widely varying characteristics. Two have <br />buildings on them and one is a parking lot. In <br />addition, three of the properties are available for <br />sale. A sale to someone other than the <br />Commission could result in litigation when we <br />try to acquire the properties. Therefore, the staff <br />recommended that the Commission approve the <br />proposals from the two MAI certified <br />appraisers, Jerome E. Michaels and R.E. Pitts in <br />the amounts of $7,000 and $6,400, respectively, <br />for a total cost of $13,4000. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved the proposal for <br />professional services in the South Bend Central <br />Development Area. (Appraisal - 216, 218, 228 <br />Sycamore and 305 Colfax) <br />15 <br />COMMISSION APPROVED THE PROPOSAL FOR <br />PROFESSIONAL SERVICES IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA. (APPRAISAL - <br />216, 218, 228 SYCAMORE AND 305 COLFAX) <br />