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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 /> (5) continued... <br /> the offering price for this property at <br /> $137,000, the average of two independent <br /> appraisals. Despite continued negotiations, <br /> the current owners have held to their price of <br /> $325,000, which they base on their own <br /> research of comparables. Despite the <br /> disparity, staff feels this is an opportunity to <br /> expand the scope of the housing development <br /> to allow the building to open toward and <br /> connect more fully to Bendix Drive and <br /> create opportunities for retail development at <br /> the northeast edge of LaSalle Square and to <br /> remove a building whose on-site business <br /> remains at odds with its LaSalle Square <br /> neighbors. <br /> In order to offset the above disparity and to <br /> keep our projected administrative settlement <br /> ($88,000) more in line with that of other <br /> settlements, Sterling Group LLC has agreed <br /> to put $100,000 toward the acquisition of <br /> Fernando's. <br /> Given the overall value of an expanded <br /> development within LaSalle Square, as well <br /> as the additional private sector support <br /> offered to help with acquisition, Staff <br /> requests the Commission's approval of the <br /> administrative settlement of$88,000 (and a <br /> total request of$225,000) for the acquisition <br /> of this property. <br /> Mr. Sikora noted that staff has been <br /> discussing approximately $460,000 in road <br /> improvements around the LaSalle Square <br /> development also. <br /> 25 <br />