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South Bend Redevelopment Commissi.011 <br />Regular Meeting — August 17, 2007 <br />6. NEW BUSINESS CO T. <br />B. Ah-port Economic Development Area <br />(6) continued... <br />the U.S. Industrial Park. <br />.Mr. Inks noted. that Lot 1 is our last lot in the <br />U.S. Industrial .Part . It is land-locked. The <br />four other parcels are half -acre residential <br />sites on Brick Road that have 11 .i.ted <br />development potential. R W owns other land <br />to the area, some of which we would life for <br />the realignment of Dylan Drive. Sale of this <br />land to RLW would g1ve them two <br />developable parcels and the City can. get the <br />z-lght- of-way it needs for Dylan Drive. it's a <br />win -win. s1tuat.ion for both parties. <br />Grubb & Ellis Cressy & Everett has <br />submitted a Letter of Intent on behalf of <br />.R v, LLC for that property for a purchase <br />price of $150,000. Staff believes the offer is <br />fair and recommends accepting Letter of <br />Intent. <br />Upon a motion by Mr. King, seconded by <br />Mr. Blake e and unanimously carried, the <br />Commission accepted the Letter of Intent <br />from Grubb & Ellis Cressy & Everett on <br />behalf of RW LLC for Lot 1 in the U.S. <br />1 dustr1a]. Park and four Bn'ck Road <br />properties. <br />C. west Wash in o -Ch pi Development Area <br />There was no business in the West Washington- <br />Chapin e elopment Area.. <br />1 <br />}MMI SS [ON ACC EVrE 'n -iE LETTEIS OF INTENT <br />FROM GRUBB & FLUB CRESSY & E ERETT ON <br />BF -HALF of R-EW LLC FOR LOT I IN THE U.S. <br />INDUSTRIAL PARK AND FOUR BRICK ROAD <br />1=204IM11 <br />