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South Bend l edevelopni.ent Commission <br />Rescheduled Regular Meeting — June 22, 2047 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(4) continued... <br />The property was originally purchased with <br />tax exempt bond proceeds. Legal counsel <br />has advised that to receive payment for the <br />property firom a private entity for its sole use <br />would potentially be a breach of the bond <br />covenants, which would need to be repaid. <br />In consideration of the relatively nominal <br />valuation of the property, as well as in <br />consideration of the overall investment <br />Tycore plans to br i.n.g to the Commerce <br />Center building and perimeter improvements, <br />it has been determined that it would be <br />appropriate and in the best interest of the <br />Commission to dedicate this property to <br />Tycor 's ownership without remuneration. <br />Staff requests your approval of the tendered <br />offer for acquisition by Tycore, Ltd. and your <br />direction to legal counsel to begin drafting a <br />contract, which would be brought forward for <br />your approval at a subsequent meeting. <br />Mr. Pec ko vs i noted that he sees a pattern <br />of selling Commission o vncd properties at <br />below market value, ar in some cases for <br />free. Maybe we shouldn't be in the busil.ess <br />of investing in properties in the first place. <br />Ms. Laurent responded that government <br />doesn't see it as an investment in the typical <br />sense. We're investing in the broader picture <br />of the downtown. <br />Mr. Downes made a notion to dedicate the <br />vacant lot east of 312 E. LaSalle to Tycore, <br />Ltd. for no remuneration. Mr. Blake <br />seconded the nation. The vote was four in <br />26 <br />COMMISSION AGREED TO DEDICATE THE <br />VACANT LC T EAST OF 312 E. LA ALLE T <br />T cOR.E, LTD. FOR NO REMUNERATION <br />