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South Bend Redevelopment Commission <br />Regular -meeting .-August 17, 2007 <br />6. NEW BUSINESS (CONY.) <br />B. Airport Economic Development Area <br />(2) continued.. <br />down at least % of the available ground. <br />In as much as the entire option Agreement <br />benchmark is based on % taked-own, <br />sellI g % of the ground would earn hack <br />o% of the option deposit. So, if we were to <br />sell o% of the ground in the first five years, <br />eve "d care back 100% of the option deposit. <br />Mr -Pee ko vsk.a. asked about the ethics of <br />Mr. Doolittle contacting the Cor rmsswn.ers <br />individually at home about the option <br />Agreement. He felt uncomfortable since the <br />Commission has been asked to he more <br />transparent about its dealings on the <br />Commission. 1 r.. ec ko ski stated that he <br />has not seen the Option Agreement. In order <br />to establish the trust and transparency that the <br />Comm- n- Ission has been asked to give, this <br />should be tabled until it has had an adequate <br />sense of what the agreement contains. <br />Mr. Inks noted that the Commission has seen <br />a prior version of the document. The final <br />version is very close to that earlier version. <br />We are anxious to have Cressy get started <br />marketing the land, but if the Commission <br />desires to table the Item for further review, it <br />can do so. <br />Mr. Blake asked if Cressy decides to develop <br />the property, do they get the marketing <br />percentage" Ml r. Doolittle responded that <br />there would be no sales fee if they developed <br />it thcseles. <br />1 <br />