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South Bend Redevelopment Commission <br />Regular Meeting — November 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) continued... <br />Mr. Mathia reported that in February 1998, <br />the Redevelopment Commission signed a <br />Contract for Purchase and Sale of Real <br />Estate to acquire property located at <br />207 -211 South Main Street, which is the <br />1St Source parking lot. The property is <br />owned by 1 St Source and is used for parking <br />by the tenants of the First Bank Building at <br />Main and Jefferson. The property is one of <br />five parcels being assembled by the <br />Commission in order to facilitate a <br />development project on the southwest corner <br />of Main and Jefferson. In 1998 the <br />Commission and 1St Source agreed to a <br />purchase price of $105,000 for the property. <br />The price was based on the average of two <br />independent appraisals. As a condition <br />precedent to execution of the Contract, the <br />Commission agreed to enhance the sellers <br />existing Jefferson Street parking lot. During <br />the design process, it was determined that <br />the Jefferson Street parking lot could not <br />accommodate the required number of <br />additional spaces needed. 1St Source has <br />proposed that the Contract be amended to <br />increase the sales price from $105,000 to <br />$170,000; to establish a closing date of <br />December 24, 2002; and to convey the <br />vacated portions of the alleys adjacent to the <br />Jefferson parking lot. The seller has also <br />agreed to construct, at its expense, <br />improvements and landscaping around the <br />Jefferson parking lot. The property is <br />essential to completing the Main and <br />19 <br />