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South Bend Redevelopment Commission <br />Regular Meeting — February 4, 2005 <br />6. NEW BUSINESS (CONT.) <br />C. Sample -Ewing Development Area <br />(2) continued... <br />That proposal was conceptually approved by <br />the Redevelopment Commission on <br />September 3, 2004. No architectural <br />renderings or elevation drawings had been <br />supplied by the developer, so approval of the <br />development was not possible. The <br />developer made its proposal contingent upon <br />a pre -lease agreement for the primary 10,000 <br />square foot space in the building. The <br />developer was in negotiations with a tenant at <br />the time, but a deal was never consummated. <br />Staff received a letter dated January 25, 2005 <br />from Holladay Properties expressing their <br />desire to discontinue the development <br />process at Oliver due to the failure of <br />negotiations with their potential tenant, <br />Trane. Staff has been in communication with <br />both parties involved in the situation and had <br />expressed the desire to have a development <br />agreement in place before February 2005. <br />According to the Holladay letter, Trane was <br />unable to commit to the project. Therefore, <br />Holladay has asked for a refund of their <br />performance bond and cancellation of the <br />development proposal process for Lot #1 at <br />the Oliver Industrial Park. <br />Staff requests that the Commission authorize <br />legal counsel to draft a letter to the developer <br />stating the Commission's acceptance of the <br />terms of their January 25, 2005 letter which <br />would discontinue the development process <br />for Holladay at Oliver Lot #1 and return their <br />performance guarantee of $11,475. <br />13 <br />