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South Bend Redevelopment Commission <br /> Regular Meeting—February 22, 2010 <br /> 6. NEW BUSINESS (CONT.) <br /> E. South Bend Central Development Area <br /> (2) continued... <br /> Commission approved the amendment to <br /> lease with Imagine That, extending its lease <br /> to March 31, 2011 <br /> (3) Purchase Option Agreement for Main and <br /> Western Disposition parcel. <br /> Mr. Schalliol noted that on December 3, <br /> 2010, the Commission completed its <br /> disposition process for its parcel located at <br /> the southeast corner of the intersection Main <br /> and Western. The offering price for the <br /> parcel, based upon the average of two <br /> appraisals, was $80,825.00 for .78 acres. No <br /> conforming bids were received for the <br /> property. State law requires that the <br /> Commission wait thirty days before <br /> accepting any negotiated bid. <br /> Over the last thirty days staff has been <br /> negotiating with Main at Western Ventures, <br /> LLC, concerning its purchase of the Main <br /> and Western parcel. The resulting Purchase <br /> Option Agreement is an exclusive purchase <br /> agreement for the period from February 23, <br /> 2011, to February 29, 2012. The proposed <br /> option period will allow Main at Western <br /> Ventures, LLC time to present the <br /> development site to several national retailers. <br /> The option price for the site is $10,000. The <br /> funds will be held in escrow by Meridian <br /> Title until the time of closing or expiration of <br /> the option period, at which time the funds <br /> would be returned to the Main at Western <br /> Ventures. <br /> 9 <br />