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South Bend Redevelopment Commission <br />Regular Meeting— September 6, 2002 <br />6. NEW BUSINESS (CONT.) <br />F. Airport Economic Development Area <br />(6) continued... <br />(Developer) for the purchase and <br />development of the property. The proposed <br />purchase price is $140,000 or $70,000 per <br />acre. The developer proposes to build a <br />7,200 sq ft building which will be retail <br />commercial. <br />The proposed site is located within close <br />proximity to the US 31 by -pass and the <br />Indiana Toll Road which is an ideal location <br />for highway commercial activities. The staff <br />recommendation is to accept the proposal <br />subject to the following: <br />► Revising sale price to $100,000 an acre <br />for a total purchase price of $200,000. <br />► South Bend Shops, LLC will work with <br />staff on its landscaping plan. <br />► Revise commitment letter to express a <br />time of completion for the project. <br />► Receipt of a faithful performance <br />guaranty of 10% of the purchase price <br />($20,000) by the developer (Mr. Case <br />noted that 10% of the $140,000 had been <br />received and an additional $6,000 would <br />be due from the Developer). <br />► US 31 Design Review Committee <br />approval of the site and landscaping <br />plans. <br />Upon a motion by Ms. Jones, seconded by <br />Ms. Roemer and unanimously carried, the <br />Commission approved the disposition of <br />property located in the Airport Economic <br />Development Area to South Bend Shops, <br />LLC subject to the changes noted. (Lot 4 and <br />a portion of Lot 5 in the U.S. 31 Industrial <br />Park) <br />17 <br />COMMISSION APPROVED THE DISPOSITION OF <br />PROPERTY LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA TO SOUTH BEND SHOPS, <br />LLC SUBJECT TO THE CHANGES NOTED. (LOT 4 <br />AND A PORTION OF LOT 5 IN THE U.S. 31 <br />INDUSTRIAL PARK) <br />