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South Bend Redevelopment Commission <br />Regular Meeting — November 18, 2005 <br />5. OLD BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />development due diligence activities as the <br />contract was being finalized, staff and <br />developer mutually agreed that the <br />topography of the site, among other factors, <br />would require the developer to expend <br />extraordinary costs in order to provide a <br />comprehensive development site that would <br />incorporate all three parcels into the project. <br />Based upon these factors, the developer <br />requested that the Commission reconsider the <br />purchase price in recognition of the <br />extraordinary site development costs. <br />Upon review, staff determined that the <br />IL $560,000 purchase price that was originally <br />based upon a value established for the <br />properties by appraisals conducted for the <br />Commission in December 1997. <br />In staff's discussions with developer during <br />contract negotiations, developer requested <br />that the original purchase price established in <br />1997 be offset against the extraordinary site <br />development costs, amongst other factors. It <br />should be noted that the developer did not <br />withdraw its original proposal, but merely <br />sought to renegotiate certain terms and <br />conditions in the contract that, in the opinion <br />of legal counsel and staff, warranted further <br />consideration by the Commission. <br />At its meeting of October 7, 2005, the <br />Commission considered the developer's <br />request. The Commission directed staff to <br />obtain new appraisals that would capture <br />current market conditions and factor in any <br />