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South Bend Redevelopment Commission <br />Regular Meeting —May 2, 2003 <br />L <br />6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(8) continued... <br />specifications required a minimum offer of <br />$263,000 for the property. Jefferson Main <br />Associates offered $0.00 as its purchase <br />price and asked for a very large contribution <br />to the project by the City. In all other <br />respects the bid met the requirements. The <br />proposed six -story, 107,080 sft building <br />would make a significant contribution to the <br />overall development of the downtown. Staff <br />recommends rejecting the bid and returning <br />the 10% performance guaranty because it <br />did not meet the offering price and requested <br />significant investment by the City. Staff <br />also recommends that, due to the offer's <br />overall merit, the Redevelopment <br />Commission authorize staff to negotiate <br />with Jefferson Main Associates, LLC in <br />order to more fully develop a project <br />concept and budget which would be <br />submitted at a later date for the <br />Commission's review and approval. <br />Ms. Greene noted that I.C. 36- 7 -14 -22 <br />governing the public sale of property by the <br />Redevelopment Commission states that the <br />Commission may reject any bids, or it may <br />award to the highest and best bidder. In <br />deciding whether to award, the Commission <br />may consider the size and character of <br />proposed improvements, the bidder's plans <br />and ability to improve the property with <br />reasonable progress, whether the property <br />will be sold or rented when improved, the <br />bidder's proposed sale or rental price, their <br />compliance with the bidding procedures, and <br />L16 <br />