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South Bend Redevelopment Commission <br /> Special Meeting—January 18, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (4) continued... <br /> existing leases on the property would be <br /> assumed by the Commission, and because the <br /> Commission would have clear title to the <br /> land, any of the land parcels could be <br /> disposed of to facilitate development in the <br /> Coveleski Park area. <br /> Mr. Meteiver added that we took the <br /> percentage values of each of the parcels <br /> based upon the average appraisal values, <br /> computed their percentage of each individual <br /> parcel (of the total $1.3 million) and then <br /> computed out the values based on the $1.9 <br /> million total purchase price. The computed <br /> purchase price had been adjusted to a <br /> purchase price that falls within the $1.9 <br /> million. <br /> The first settlement would take in all of the <br /> following properties: <br /> • Gates and Gates, Lots No. 11 and <br /> 12, Tax ID's 0483 and 048201, city <br /> low appraisal $98,882.50, Gates high <br /> appraisal $245,OOO,average appraisal <br /> $171,941.25 with a computed <br /> purchase price of$200,000. <br /> • GMS, Lots No. 14, 15, 16, Tax ID's <br /> 0265, 0266, and 0267, city low <br /> appraisal $115,000, Gates high <br /> appraisal $115,000, average <br /> appraisal $115,000 with a computed <br /> purchase price of$115,000. <br /> Parcels 14, 15 and 16 are figured into the <br /> acquisition value but will be accepted by <br /> 10 <br />