Laserfiche WebLink
4 � <br /> til <br /> W PencF <br /> �YL <br /> y 8 <br /> 1865 6 <br /> Office of the Mayor <br /> NEWS RELEASE <br /> August 17, 2007 <br /> 1:15 p.m. <br /> Panel approves option for Blackthorn development <br /> Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876-1564 <br /> or Jeff Gibney,Interim Director of Community&Economic Development, 235-9371 <br /> The South Bend Redevelopment Commission granted afive-year option to the developer <br /> of Mishawaka 's Edison Lakes Corporate Park to purchase and develop the remaining <br /> parcels in the city-owned Blackthorn Corporate Park. <br /> Grubb & EllislCressy & Everett, 3930 Edison Lakes Parkway in Mishawaka, will <br /> represent the Commission in the marketing, promotion and sale of property at the site. <br /> Blackthorn, consisting of 3,500 acres, is part of the Airport Economic Development Area, <br /> the largest in the city. <br /> According to the contract, Cressy& Everett will pay a non-refundable $100,000 fee (and <br /> a credit against future purchases) for the right to buy any of the sites for 75 percent of the <br /> present list price. If Cressy exercises its option to buy 25 percent of the available acreage <br /> during the five-year period, it may choose to extend its initial option for another five <br /> years. The Redevelopment Commission would have the right to deny a five-year <br /> extension of the agreement for any period in which Cressy does not buy 25 percent of the <br /> available acreage. <br /> "The city's primary work at Blackthorn has been completed. Our part is to provide the <br /> infrastructure and the land for developers. It is a private-sector role to market the <br /> property," said Mayor Stephen J. Luecke. "Working with Cressy, we believe will give us <br /> another way to bring new development and new jobs to South Bend." <br />