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South Bend Redevelopment Commission <br />IL Special Meeting — August 8, 2002 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(1) continued... <br />proposed purchase price is $62,700 or <br />$3,300 per acre. The required faithful <br />performance guarantee of 10% of the <br />purchase price ($6,270) has been submitted <br />by the Developer. The Developer proposes <br />to build approximately 105 villas ranging in <br />price from $170,000 to $250,000 when the <br />19 acre site is assembled with the adjacent <br />40 acre site that is currently owned by <br />Mr. Cooreman. The Developer is also <br />proposing to develop an additional <br />101 residential homes ranging in price from <br />$150,000 to $300,000 on a site located to the <br />northwest and situated outside of the city <br />limits. Mr. Rock noted that the Developer <br />proposes to start construction as soon as <br />possible in anticipation of entering the <br />development project in the Panorama of <br />Homes for marketing. <br />Staff recommends selling the Dale Park <br />19 Acres to Mr. Cooreman because this type <br />of residential housing in this price range is <br />currently not available in South Bend and <br />such a project would be of public benefit <br />and utility to the City and its citizens. It is <br />anticipated that the proposed project will <br />help to attract new businesses by making <br />this type of housing available and overall <br />facilitate an increase in temporary and <br />permanent employment opportunities. <br />In addition to requesting approval by the <br />Commission to sell the Dale Park 19 Acres <br />to Mr. Cooreman, staff is also requesting <br />6 <br />