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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 /> donation by the Board of Public Works as <br /> they are not presently on the SBCDA <br /> acquisition list. This is property within the <br /> $1.9 million price. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Ms. King and unanimously carried, the SETTLEMENT-TRANSACTION 1. <br /> Commission approved the Administrative <br /> Settlement—Transaction 1. <br /> (5) Administrative Settlement— Transaction 2 <br /> Mr. Schalliol noted that Resolution No. 3001 <br /> set the offering price for two parcels owned <br /> by GMS Realty, Inc. on the area described <br /> generally as the Gates Downtown Campus. <br /> The total appraised value for the two parcels <br /> was $552,500. In anticipation of an <br /> acquisition, the property owners obtained a <br /> fair market appraisal of their own which <br /> indicated a value of$700,000 for the same <br /> properties. In an effort to reach an <br /> administrative settlement with the property <br /> owner, an average value was examined for <br /> the purpose of trying to find a common <br /> ground. <br /> The proposal is to acquire these two <br /> properties at one closing for a total <br /> acquisition amount of$1 million dollars. <br /> The purchase would be structured over four <br /> years with the initial payment for the <br /> properties being $50,000. The remaining <br /> funds would be spread out over the next three <br /> years at a rate to be determined with the <br /> property owner. Any existing leases on the <br /> 11 <br />