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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 />(7) continued... <br />Lot 40, intending to construct the same <br />building. Mr. Panzica pointed out that it <br />was the goal and desire of the developers <br />and the Commission five (5) years ago of <br />creating an office, service, technical, <br />research and development type park on the <br />north side of Nimtz Parkway. Crescent <br />Michiana III is following the original vision <br />and will be constructing a building that in <br />every way will be as envisioned by the <br />original plan. Mr. Panzica distributed a <br />rendering of the proposed building to the <br />Commission. It was noted that recently the <br />issue of price per acre had become a factor <br />in the negotiations with staff. Mr. Panzica <br />requested that the Commission approve, in <br />principle, favorably on the actual sale of Lot <br />40 to Crescent Michiana Properties III for <br />development, with price negotiations to <br />continue with staff. In addition, it was noted <br />that when a price per acre was agreed upon, <br />an early entry agreement would be required <br />so that ground breaking could take place <br />pending the execution of legal documents. <br />Mr. Panzica thanked the Commission for its <br />consideration. <br />Mr. Hunt acknowledged that the <br />Commission agrees with the development <br />concept; however, the price per acre is <br />obviously a point of concern. <br />Ms. Greene explained that the Commission <br />can make a determination whether to <br />approve the concept of the project with price <br />G8 <br />