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South Bend Redevelopment Commission <br /> Regular Meeting—August 16, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (5) Resolution No. 3059 setting the Fair <br /> Market Value of property in the South <br /> Bend Central Development Area (402 S. <br /> Lafayette) <br /> Mr. Relos noted that Resolution No. 3059 <br /> sets the fair market value for 402 S. Lafayette <br /> Blvd. at $82,500, the average of two <br /> independent appraisals. Staff requests <br /> approval of Resolution No. 3059. <br /> Mr. Inks noted that this lot was one of the <br /> Gates properties that we had to purchase to <br /> acquire the property the VA wanted. Gates <br /> wanted to sell all their properties together. <br /> This is one we felt we could sell and recoup <br /> some of our acquisition costs from. We hope <br /> to sell it for close to its appraised value. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.3059 <br /> Mr. Downes and unanimously carried, the SETTING THE FAIR MARKET VALUE OF <br /> Commission approved Resolution No. 3059 PROPERTY IN THE SOUTH BEND CENTRAL <br /> setting the Fair Market Value of property in DEVELOPMENT AREA(402 S.LAFAYETTE). <br /> the South Bend Central Development Area <br /> (402 S. Lafayette). <br /> (6) Bid Specifications and Design <br /> Considerations for property located at 402 <br /> S. Lafayette) <br /> Mr. Relos noted that the Bid Specifications <br /> and Design Considerations for 402 S. <br /> Lafayette Blvd. include that the project must <br /> meet zoning requirements established by the <br /> zoning ordinance and that the developer must <br /> provide a basic reuse plan for the site and a <br /> 12 <br />