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South Bend Redevelopment Commission <br />Regular Meeting — April 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(2) continued... <br />Mr. Schalliol reported that on April 1, 2005 <br />the Commission opened bids for property <br />located at 1115 S. Michigan Street. One bid <br />was received from Real Services, Inc. The <br />Commission referred the proposal to staff for <br />review. <br />The proposed purchase price for the <br />approximately 23,908 sq. ft. parcel is <br />$43,000 which meets the minimum bid price <br />for the property. The proposed project meets <br />or exceeds all of the requirements set forth in <br />the Bid Specifications. The developer <br />intends to develop an office building to <br />expand the Real Services campus. The time <br />line for this project is acceptable based upon <br />other projects occurring in the corridor, and <br />staff will work with the developer to monitor <br />progress so that the project is completed by <br />2007. <br />Mr. Schalliol noted that the developer <br />submitted the ten percent performance <br />guarantee with the bid packet. Staff <br />recommends approval of the proposal by <br />Real Services, Inc. for the property at 1115 S. <br />Michigan Street. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission accepted the staff <br />recommendation as presented for the <br />disposition of property in the Sample -Ewing <br />Development Area and approved the <br />proposal from Real Services, Inc. (I 115 S. <br />Michigan Street) <br />10 <br />COMMISSION ACCEPTED THE STAFF <br />RECOMMENDATION AS PRESENTED FOR THE <br />DISPOSITION OF PROPERTY IN THE SAMPLE - <br />EWING DEVELOPMENT AREA AND APPROVED <br />THE PROPOSAL FROM REAL SERVICES, INC. <br />(1115 S. MICHIGAN STREET) <br />