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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 />