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South Bend Redevelopment Commission <br />Regular Meeting —April 16, 2004 <br />6. NEW BUSINESS <br />E. Airport Economic Development Area <br />() Staff report on disposition of property in <br />the Airport Economic Development Area. <br />(Lot 40, Blackthorn Corporate Office <br />Park) <br />Mr. Rock reported that a proposal was <br />submitted by Crescent Michiana <br />Properties III, LLC for the purchase and <br />development of Lot 40 in the Blackthorn <br />Corporate Office Park. The parcel is 3.49 <br />acres. The Developer, Crescent Michiana <br />Properties III, proposes to begin <br />construction of a 27,200 sq. ft. building <br />within one year of the date of closing. The <br />proposed building would be the same design <br />type as the existing Associates / Citigroup <br />building. Staff would work closely with the <br />Developer to ensure the standard expected <br />within the Corporate Park. A purchase price <br />of $35,000 per acre was offered by the <br />Developer. Staff recommends a purchase <br />price of $55,000 per acre. <br />Mr. Thomas Panzica, representing Crescent <br />Michiana Properties III, thanked the <br />Commission for moving its proposal to the <br />top of the agenda. <br />Mr. Panzica explained to the Commission <br />that the original plan presented to the <br />Redevelopment Commission approximately <br />five (5) years ago, when Crescent I built a <br />facility for Associates, entailed construction <br />of a 68,000 sq. ft. building, employing 175 <br />people. The facility is now owned by <br />Citigroup, and the operation encompasses <br />over 92,000 sq. ft., employs over 300 people <br />L 6 <br />