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ILSouth Bend Redevelopment Commission <br />Regular Meeting — November 18, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. Sample -Ewing Development Area <br />(3) continued... <br />Plant property, there will now be a $1M <br />down payment and a $3M purchase of value <br />to be closed on after the demolition and <br />infrastructure work is complete. <br />Ms. Greene noted that the Contract for Sale <br />of Real Estate as originally approved <br />characterized the consideration for the <br />transaction as a demolition contribution. In <br />the course of obtaining Federal <br />Transportation Authority approval over the <br />transaction, it was determined that <br />proceeding with the transaction under that <br />structure would require adherence to the FTA <br />procurement regulations which would extend <br />the amount of time and money going into the <br />overall project. So the decision was made to <br />re- characterize the transaction as a straight <br />real estate transaction with the consideration <br />being given as a purchase price rather than a <br />demolition contribution. There is no change <br />in the actual amount of money being <br />exchanged, nor is there any change in the <br />development of the property; merely a re- <br />characterization of the consideration being <br />tendered in the transaction. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2197 <br />rescinding Commission approval of a <br />Contract for Purchase and Sale of Real Estate <br />and approving and authorizing execution of <br />Contract for Purchase and Sale of Real Estate <br />containing certain revised terms and <br />approving the execution of documents. <br />17 <br />COMMISSION APPROVED RESOLUTION NO. 2197 <br />RESCINDING COMMISSION APPROVAL OF A <br />CONTRACT FOR PURCHASE AND SALE OF REAL <br />ESTATE AND APPROVING AND AUTHORIZING <br />EXECUTION OF CONTRACT FOR PURCHASE AND <br />SALE OF REAL ESTATE CONTAINING CERTAIN <br />REVISED TERMS AND APPROVING THE <br />EXECUTION OF DOCUMENTS <br />