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South Bend Redevelopment Commission <br />Regular Meeting —May 31, 2012 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(2) continued... <br />Renaissance District Project and allows time <br />for Mr. and Mrs. Hamilton to secure new <br />locations for their body shop and towing <br />operations. <br />Mr. Downes asked whether Hamilton has <br />other property it intends to operate is towing <br />business from, or has identified a site for <br />relocation. Mr. Relos thought they have <br />room at the body shop location to house their <br />towing operation temporarily. <br />Ms. Kolata noted that Hamilton Towing's <br />attorney wanted additional language in the <br />agreement related to the relocation payment, <br />as follows: Paragraph one page two: "the <br />owner hereby agrees to sell the property to <br />the City for $320,000 together with an <br />administrative settlement of $290,000 and <br />relocation and re- establishment costs of <br />$340,000 for a total of $950,000 subject to <br />the following terms." <br />Mr. Varner asked Ms. Kolata to explain the <br />difference between administrative settlement <br />and re- establishment costs. Ms. Kolata <br />explained that the administrative settlement <br />is the difference between what the city's <br />purchase offer is for ($320,000) and what it <br />must pay to secure a willing seller. The <br />relocation and re- establishment costs are <br />moving costs and the costs associated with <br />providing a comparable location to re- <br />establish the business. Hamiltons will find a <br />location, handle the relocation and remove <br />themselves from their current spot. <br />19 <br />