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South Bend Redevelopment Commission <br />Regular Meeting —August 17, 2007 <br />b. NEW BUSINESS (CONY.) <br />B. Airport Economic Development Area <br />(2) continued... <br />Mr. Inks noted that originally the <br />Commission set out to list properties ui the <br />AE DA I lacl thou Corporate office park in <br />p arti ctrl ar to better market and. stimulate new <br />development in that area. When Cressy <br />expressed interest, we realized their potential <br />as an office park developer, but having them <br />as our listing agent would preclude the. . <br />from. a devc1opment role in the corporate <br />offi ce park. To resolve that., an option <br />agreement was the preferred route. That <br />gives them both the ability to market the <br />property and to act as a developer for the <br />property. <br />Mr. Iooll.ttle stated that their earlier <br />presentation on their capability for mar etma <br />ZD <br />Commission property identified their entire <br />marketing strategy, including an interactive <br />Web site with. links to different economic <br />development parts of the city, a video in e- <br />maila ble form, and taking a new look at the <br />master plan with the intent of adjusting it to <br />letter suit today's market. All of those <br />promises and commi.tments are part of this <br />Option Agreement, along with timeframes to <br />perform them. Cressy & Everett is eager to <br />get started. <br />Ms. Jones asked for a short example scenario <br />to clarify the way the option extensions <br />would work. Mr. Doolittle responded that <br />the 100,000 option is a non- refundable <br />deposit with earn - backs. It's predicated on a <br />benchmark of minimum successes. Their <br />commitment is to sell or develop or take <br />15 <br />