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South Bend Redevelopment Commission <br />Regular Meeting — August 19, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(3) Staff report on disposition of property in <br />the Sample -Ewing Development Area. <br />(Kay Industries). <br />Mr. Laurent noted that his report covers this <br />item as well as item 6. I. (1). L & S <br />Investments, LLC submitted a proposal to <br />acquire Lot #7 in the Oliver Industrial Park <br />dated August 18, 2004. The proposal <br />included a performance guarantee of <br />$10,000. Outlined in the proposal was <br />development of a 36,000 square foot <br />industrial facility that would house three <br />affiliated businesses, including Kay <br />Equipment & Supply Co., Inc. of South <br />Bend, Thermosteam Systems, Inc. of <br />Diamond Bar, California, and Kay Industries, <br />Inc. of Plymouth, Indiana. <br />The proposal also requested that the <br />Redevelopment Commission purchase the <br />existing Kay Equipment & Supply property <br />at 604 North Hill Street. The Commission <br />accepted the proposal by L & S Investments <br />and proceeded to add its property on Hill <br />Street to the Northeast Neighborhood <br />Development Area Acquisition List. A <br />Purchase Offer of $192,000 was authorized <br />by the Commission by Resolution No. 2149, <br />dated March 4, 2005. <br />Staff held negotiations with Mr. Steven Katz <br />following his receipt of the Purchase Offer. <br />It then began to appear that Mr. Katz was <br />less and less inclined to proceed with the <br />development proposal at the Oliver Industrial <br />Park based on the performance of the <br />18 <br />