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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 /> (3) continued... <br /> they are not on the SBCDA acquisition list. <br /> They will be considered as part of the <br /> administrative settlement package. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED RESOLUTION No.3001 <br /> Ms. King and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY IN THE <br /> Commission approved Resolution No. 3001 SOUTH BEND CENTRAL DEVELOPMENT AREA <br /> related to acquisition of property in the South (TRANSACTION 2). <br /> Bend Central Development Area <br /> (Transaction 2). <br /> (4) Administrative Settlement— Transaction 1 <br /> Mr. Schalliol noted that Resolution No. 3000 <br /> set the offering price for 11 parcels owned by <br /> GMS Realty, Inc. and Gates & Gates Realty <br /> on the area described generally as the Gates <br /> Downtown Campus. The total appraised <br /> value for the 11 parcels was $895,125. In <br /> anticipation of an acquisition, the property <br /> owners obtained a fair market appraisal of <br /> their own which indicated and a value of <br /> $1,765,000. 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 the 11 properties <br /> at one closing for a total acquisition amount <br /> of$1.9 million dollars. The purchase would <br /> be structured over four years with the initial <br /> payment for the properties at $1,150,000. <br /> The remaining funds would be spread out <br /> over the next three years at a rate to be <br /> determined with the property owner. Any <br /> 9 <br />