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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 />site issues associated with comprehensive <br />development of the three parcels. At the <br />Commission's direction, staff subsequently <br />obtained two independent appraisals <br />conducted by MAI appraisers. The average <br />of the two appraisals established a <br />comprehensive price for Lots 4 -6 of <br />$289,374. That price reflects current market <br />conditions and recognizes site challenges that <br />impair comprehensive development of the <br />properties. <br />Staff recommends that the Commission agree <br />to accept a revised purchase price of <br />$289,374 for the property based upon the <br />2005 appraisals, conditioned upon the <br />following: <br />Developer must purchase all three (3) <br />parcels so that they may be developed <br />as a comprehensive site. <br />Developer shall execute the Contract <br />for Sale of Land and proceed to closing <br />within 90 days of the Commission's <br />approval. <br />Developer shall complete the <br />development project within three (3) <br />years of the closing date. <br />Staff recommends the Commission approve <br />the terms stated above and direct the staff to <br />present that proposal to the development <br />team, then return on December 2 with a final <br />recommendation. <br />L6 <br />