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South Bend Redevelopment Commission <br />Regular Meeting —June 6, 2003 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(2) continued.... <br />Upon a motion by Mr. Faccenda, seconded <br />by Ms. Jones and unanimously carried, the <br />Commission accepted the counter offer in <br />the amount of $302,250 for the properties <br />with tax key numbers 18 -5004 -0048, 18- <br />5004 -0049, and 18 -5004 -0060 on Sycamore <br />Street. <br />(3) Staff report on disposition of property <br />located in the South Bend Central <br />Development Area. (401 E. Monroe, <br />former Key Bank Drive Thru) <br />Mr. Mathia noted that the closing date for <br />offers to be received on the Key Bank Drive - <br />Through was May 16. On that date one offer <br />was received from Ganey Press Real Estate, <br />LLP, a partnership affiliated with and wholly <br />owned by Press, Ganey Associates, Inc. of <br />South Bend. Unfortunately, during the <br />review of the offer staff determined that the <br />bid was non - responsive. Specifically, the <br />Bid Specifications contained in the <br />Redevelopment Commission's invitation to <br />bid required a minimum offer of $275,500 <br />for the property and submission of a faithful <br />performance guaranty equal to 10% of the <br />amount offered in the bid. Ganey Press Real <br />Estate offered $250,000 as its purchase <br />price, $25,500 less than the required <br />minimum offer. In addition, the required <br />10% performance guaranty was not included <br />with the bid. However, the partnership <br />generally met the other Bid Specifications <br />contained in the invitation to bid. In <br />21 <br />COMMISSION ACCEPTED THE COUNTER OFFER IN <br />THE AMOUNT OF $302,250 FOR THE PROPERTIES <br />WITH TAX KEY NUMBERS 18-5004-0048,18- <br />5004-0049, AND 18 -5004 -0060 ON SYCAMORE <br />STREET. <br />