Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />Staff feels the acquisition cost of $441,000 <br />for this property is reasonable, and requests <br />your approval of Resolution No. 2948. <br />Mr. Varner asked whether it's customary to <br />include a reserve that is returned <br />immediately. Mr. Relos stated that it's not <br />something ordinarily done. The building <br />needs immediate repairs. Mr. Zeiger stated <br />that Indiana Landmarks intends to apply for a <br />grant that requires a match. This was a way <br />to get that match. <br />Mr. Downes asked if the deal can go through <br />without this happening. Mr. Relos <br />mentioned there is an escrow agreement <br />being drawn between the property owner and <br />Indiana Landmarks. <br />Ms. Nash input that legal had the opportunity <br />to review and discuss this. Her suggestion <br />was that the Commission approve it subject <br />to final legal review and compliance with <br />state law. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 2948 <br />approving an accepting a counter offer for <br />the acquisition of property in the West <br />Washington- Chapin Development Area, <br />subject to legal review and compliance with <br />state law (803 W. Washington). <br />(3) Memorandum of Understanding with <br />South Bend Heritage Foundation for <br />development of the Rushton Building. <br />Mr. Relos noted that the Ruston Building at <br />501 W. Washington was built in 1906 by the <br />brothers John and Edward Rush, respectively <br />22 <br />COMMISSION APPROVED RESOLUTION NO. 2948 <br />APPROVING AN ACCEPTING A COUNTER OFFER <br />FOR THE ACQUISITION OF PROPERTY IN THE <br />WEST WASHINGTON - CHAPIN DEVELOPMENT <br />AREA, SUBJECT TO LEGAL REVIEW AND <br />COMPLIANCE WITH STATE LAW (803 W. <br />WASHINGTON) <br />