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South Bend Redevelopment Commission <br />Regular Meeting —April 24, 2012 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(2) Staff report on disposition of 609 E. <br />Columbia. <br />Mr. Relos noted that on June 28, 2011, the <br />Commission approved bid specifications and <br />fair - market valuation for five homes in the <br />Monroe Park neighborhood and authorized <br />publication of the Notice of Intended Sale of <br />Property. This property's fair market <br />valuation, based on the average of two <br />disposition appraisals, was $15,500. <br />On July 26, 2011, staff reported that no bids <br />had been received on any of the properties. <br />Therefore, after a waiting period of 30 days, <br />they could be sold at a negotiated price. On <br />September 27, 2011, the Commission <br />approved a contract with Bruce Gordon to <br />list and market four of the five properties. <br />On November 22, 2011, the Commission <br />rejected a $5,000 offer on this property, and <br />instead approved a counter offer in the <br />amount of $10,000. This price was accepted <br />by the interested party, and a purchase <br />agreement submitted. The interested party, <br />who lives in the neighborhood and had <br />purchased two other properties, let the <br />purchase agreement expire with no further <br />action. <br />Recently, another party submitted an offer. <br />This person would live in the house. The <br />Commission prefers the sale be made to an <br />owner- occupant. The offer was made in the <br />amount of $5,000. With guidance from Mr. <br />Gordon, staff recommends that the <br />Commission counter with a price of $8,000 <br />10 <br />