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Redevelopment Commission Meeting <br />ILI Regular Meeting — August 20, 2004 <br />agreements before the Commission for its <br />approval. Item 6.C.(4) contemplates <br />acquisition of the Century Building from <br />United Realty. Item 6.C.(3) relates to the <br />agreement between the School Corporation <br />and the Commission detailing the parties' <br />commitments related to the School <br />Corporation Relocation Project. <br />Ms. Greene noted that the agreement to take <br />ownership of the Administration Building on <br />South Main Street was the result of many <br />months of negotiations and a determination <br />that the public sector's role is often to step in <br />where the private market fails. The <br />Administration Building is an instance where <br />the private sector, thus far, has not been able <br />to step forward and find any use for the <br />property. There are also historic issues with <br />the building, having been the offices of the <br />former Studebaker Corporation. <br />Mr. Hunt stated that in his recollection of the <br />plan for the long range development of the <br />Studebaker Corridor, the Administration <br />Building was that the Administration <br />Building on South Main Street was the last <br />building to be tackled. Mr. Laurent <br />respectfully corrected Mr. Hunt to remind <br />him that Mr. Marcus' building located along <br />the railroad tracks was targeted as the last <br />and that the Administration Building had not <br />been addressed in the overall redevelopment <br />strategy. <br />Mr. Hunt noted that the long range holding of <br />the current Administration Building by the <br />Commission is not to the Commission's <br />benefit. He requested that staff provide <br />monthly updates concerning any progress <br />toward disposing of the Administration <br />Building and holding costs incurred as a <br />IL <br />