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South Bend Redevelopment Commission <br />Regular Meeting — September 16, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(1) continued... <br />five acres as opposed to its previous offer to <br />pay $113,000 an acre for the first lot and <br />$70,000 per acre for Lots 5 and 6. <br />Mr. Davey noted that there is a similar <br />project north of WalMart on Portage Rd., <br />called Clocktower Lane. The developer <br />spent $87,500 per acre. The project before <br />the Commission would have $36,000 in <br />excessive costs per acre over and above the <br />sale price of $113,000 per acre. The lease <br />rate PCN would need to charge to be <br />profitable would be higher than its major <br />competitor, Clocktower Lane. <br />Mr. Davey pointed out that during the <br />negotiations over the Contract for Sale of <br />Land, some of his potential tenants have <br />signed with Clocktower Lane. <br />Mr. Davey also pointed out that in order to <br />accommodate the Commission's desire that <br />all three parcels of land be sold at the same <br />time, rather than GE /CE only purchasing Lot <br />4 with an option on Lots 5 and 6, GE /CE will <br />incur additional costs carrying the property <br />unused until Phase II. <br />Mr. King asked for clarification as to <br />whether GE /CE was asking the Commission <br />to lower its selling price for the parcels? Mr. <br />Davey responded that they are asking for a <br />sale price of $188,000 for all five acres. That <br />number was calculated by taking the price <br />originally offered for the land and subtracting <br />10 <br />