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South Bend Redevelopment Commission <br />I egular 'Meeting — August l.7, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />The previous owner was allowed to remove <br />some things from the house before closing. <br />One of the things he tool was some new <br />windows s lie had put in, so we needed to do <br />a n emergency board rip of the house <br />immediately after closing. We don't have an <br />invoice for the work yet. Staff recommends <br />approvincy a not -to- exceed amount of $500. <br />'Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved the emergency board - <br />up and authorized payment of not -to- exceed <br />$500 for those services. <br />(2) Staff report on disposition of propert y in <br />tbe Airport Economic Development Area. <br />(Cressy option agreement for Blacktborn <br />Corporate Park <br />Mr. Inks noted. that the Option. Agreement <br />includes all of the lots for sale in the <br />Blackthorn n Office Park. It is a five -year <br />agreement with five -yeas renewal options. <br />Those renewal options are subject to <br />purchase of 5% of the available acreage <br />during each five-year period. So, in five <br />years if 25% of the acreage is acquired <br />Cressy has are automatic atic option renewal of <br />five years should they elect that. There is an <br />option fee of $100,000 which is credited <br />against future purchases. The option price is <br />75% of the list price. As the Commission <br />has negotiated sales in this area in the past, <br />the typical sales price has been close to 750 <br />of the list price. <br />1 <br />:.` OM MISSION APF'ROVI -1] 441 E VIERGENC <br />BOARD- r:)- _]' N�: AU 'FI- 101ZIZE PA NIEN`� OF NO <br />0 FOR THOSE SERVICE'S <br />