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6. NEW BUSINESS <br />B. Sample -Ewing Development Area <br />(2) continued... <br />not comply with the Bid Specifications, but <br />to continue to work with the company to <br />come up with an acceptable development <br />plan that meets the needs of both Hill Truck <br />Sales, Inc. and the Redevelopment <br />Commission. <br />The second bid was from Rose Fuel & <br />Materials, Inc. who offered $125,000 for a <br />5.1 acre site that includes the old Oliver <br />boilerhouse. This bid exceeds the offering <br />price of $20,500 /acre for interior lots larger <br />than five (5) acres in size. A Performance <br />Guaranty in the amount of $12,500 was <br />submitted with the bid and all requested <br />information was provided. Rose Fuel is <br />ILproposing moving their distribution and <br />showroom facilities from Madison Street to <br />this site and constructing a new 7,500 sq ft <br />storage facility. Staff recommends rejecting <br />the bid from Rose Fuel & Materials, Inc. on <br />the grounds that it requires the Commission <br />to significantly increase the value of the <br />boilerhouse. The offering price for the <br />property at the Oliver Industrial Park was <br />based on the value of zero for the <br />boilerhouse, and because Rose Fuel is <br />proposing the Commission increase that <br />value, staff feels it would be better to <br />negotiate with the purchaser rather than <br />except their bid. <br />In conclusion, Mr. Laurent advised that the <br />staff recommendation is to reject all bids, <br />but to continue to work with all bidders <br />including Underground Pipe & Valve, Inc. <br />which submitted the Letter of Intent. <br />13 <br />