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6. NEW BUSINESS (CONT.) <br />G. South Side Development Area <br />(2) continued... <br />Mr. King requested that Item 6.G.(2) be <br />tabled until the Regular Meeting of <br />February 4, 2005. There were no objections <br />by the Commission. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission tabled Item 6.G.(2) until the <br />Regular Meeting of February 4, 2005. <br />H. Northeast Neighborhood Development Area <br />(1) Commission approval requested for <br />Agreement for Sale and Purchase of Real <br />Estate in the Northeast Neighborhood <br />Development Area (1340 South Bend <br />Avenue; Macri Development, Inc.) <br />Mr. Laurent reported that property owned by <br />Macri Development, Inc. at 1340 South Bend <br />Avenue was determined to be needed for the <br />development of Fredrickson Park in the <br />Northeast Neighborhood Development Area. <br />The property was added to the <br />Redevelopment Commission's acquisition <br />list on May 7, 2004 via Resolution No. 2054. <br />The Commission then authorized an offering <br />price of $687,500 for the property via <br />Resolution No. 2078 on August 6, 2004. <br />Mr. Macri counter offered on September 9, <br />2004 with the amount of $860,350, which <br />included Lot 8 in the Oliver Industrial Park. <br />Mr. Macri also requested that he be allowed <br />to lease the property to his tenant, Sears <br />Roebuck & Co. for sixteen months or <br />through February 28, 2006. Following <br />discussions and negotiations of this counter <br />offer, it was determined that a better fit <br />IL 18 <br />COMMISSION TABLED ITEM 6.G.(2) UNTIL THE <br />REGULAR MEETING OF FEBRUARY 4, 2005. <br />