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South Bend Redevelopment Commission <br />Regular Meeting —May 7, 2004 <br />6. NEW BUSINESS <br />C. Airport Economic Development Area <br />(1) continued... <br />Park. The proposed project consists of a <br />27,000 sq. ft. facility which will compliment <br />the existing Citigroup building. At its <br />meeting on April 16, 2004, the Commission <br />approved the concept of the development <br />project; however, negotiations continued <br />with respect to purchase price per acre. <br />Crescent Michiana Properties has agreed to <br />purchase the property for $55,000 per acre. <br />Mr. William Panzica, representing Crescent <br />Michiana Properties III, asked the <br />Commission if the right of early entry was <br />also approved. <br />Mr. Rock replied that an indemnification <br />agreement would be required. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved the sale of property <br />in the Airport Economic Development Area <br />and authorized an agreement of early entry <br />pending the execution of legal documents. <br />(Lot 40, Blackthorn Corporate Office Park) <br />(2) Commission approval requested for <br />purchase of property within the <br />Blackthorn Corporate Office Park in the <br />Airport Economic Development Area. <br />(property south of Fiserv) <br />In March 1993, the Redevelopment <br />Commission executed an agreement with the <br />Airport Authority to sell approximately <br />13 <br />COMMISSION APPROVED THE SALE OF PROPERTY <br />IN THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA AND AUTHORIZED AN AGREEMENT OF <br />EARLY ENTRY PENDING THE EXECUTION OF <br />LEGAL DOCUMENTS. (LOT 40, BLACKTHORN <br />CORPORATE OFFICE PARK) <br />