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South Bend Redevelopment Commission <br />Regular Meeting — November 4, 2005 <br />4. COMMUNICATIONS <br />There were no Communications. <br />5. OLD BUSINESS <br />A. Airport Economic Development Area <br />(1) Staff report on disposition of property in <br />the Airport Economic Development Area. <br />(U.S. 31 Industrial Park, Lots 4 -6) <br />THERE WERE NO COMMUNICATIONS <br />STAFF REPORT ON DISPOSITION OF LOTS 4 -6, <br />U.S. 31 INDUSTRIAL PARK <br />Ms. Greene noted that in 1997 the <br />Commission originally put up for bid Lots 4- <br />7 in the U.S. 31 Industrial Park. Earlier this <br />year, Grubb & Ellis /Cressy & Everett <br />(GE /CE) submitted a proposal to purchase <br />and develop the property and that proposal <br />was accepted by the Commission at a public <br />IL <br />meeting. At the Commission's direction, <br />Legal Counsel prepared a Contract for Sale <br />of Land which was then presented to GE /CE. <br />During the course of negotiating the contract <br />with the developer in accordance with the <br />Commission's approval and developer's <br />proposal, the developer requested certain <br />changes based upon issues that arose during <br />developer's due diligence efforts incidental <br />to the transaction. The Commission is now <br />considering whether the revised terms <br />proposed by the developer are reasonable, <br />specifically the value established for the <br />property in 1997. If the Commission does <br />not accept the requested changes, GE /CE <br />would be bound by its original proposal to <br />the Commission, unless it chooses to <br />withdraw its proposal. If the proposal is <br />withdrawn by the developer, then the <br />Commission could renew its efforts to sell <br />the property. <br />3 <br />THERE WERE NO COMMUNICATIONS <br />STAFF REPORT ON DISPOSITION OF LOTS 4 -6, <br />U.S. 31 INDUSTRIAL PARK <br />