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6. NEW BUSINESS (CONT.) <br />H. Northeast Neighborhood Development Area <br />(1) continued... <br />would be provided for this transaction if the <br />Oliver Industrial Park land were removed <br />from the equation. Mr. Macri and all City <br />parties agreed, and the Agreement before the <br />Commission today includes those terms. In <br />place of Lot 8, valued at $94,350, $100,000 <br />was added to the purchase price bringing it to <br />$866,000. <br />This property is deemed vital to the <br />redevelopment of Fredrickson Park, and the <br />timetable for acquisition (with the <br />Commission taking possession on March 8, <br />2006) will allow for the goals of the <br />Commission's development partners to be <br />met. The Agreement has terms that include <br />closing on the property on January 21, 2005, <br />the Commission taking possession of the <br />property on March 8, 2006, placing into <br />escrow a portion of the purchase price to <br />cover all taxes to be paid between the date of <br />closing and the date of possession, and also a <br />liquidated damages clause of $1,100 per day <br />that the seller occupies the property after the <br />date of possession. <br />Ms. Greene noted that the Agreement is <br />consistent with the Commission's obligations <br />under the Redevelopment Act found at IC <br />36 -7 -14. The Redevelopment Act imposes <br />upon the Commission the right to exceed the <br />original offering price only when specifically <br />authorized by the Commission or ordered by <br />a court in condemnation proceeding. By <br />approving the Agreement for Purchase and <br />Sale of Real Estate as presented the <br />Commission would be taken action <br />consistent with the statute by specifically <br />authorizing a price that exceeds the original <br />19 <br />