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South Bend Redevelopment Commission <br />Special Meeting— August 8, 2002 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(4) continued... <br />Cooreman to his presentation to the Home <br />Builders Association. Even absent the <br />Panorama of Homes, there is major work to <br />be done by both the City and the Developer, <br />in terms of the site, so that builders can <br />begin construction in October or November. <br />The Mayor authorized Assistant City <br />Attorney Cheryl Greene and Mr. Jon Hunt to <br />complete the negotiations with Mr. <br />Cooreman. Several minor negotiation points <br />are currently being finalized. Mr. Hunt <br />previously provided the Commission with a <br />Memorandum of Understanding (MOU) <br />between the City of South Bend, Indiana and <br />ILthe Cooreman Real Estate Group, Inc. for <br />the Villas at Lake Blackthorn and Westwood <br />Knolls at Blackthorn Projects. It was noted <br />that there will be non - significant revisions <br />made to the document. <br />Mr. Hunt continued by advising Resolution <br />No. 1903 recognizes the Memorandum of <br />Understanding between the City and the <br />developer. In terms of Redevelopment <br />Commission action and authority, <br />Resolution No. 1903 will do several things. <br />It approves and endorses the project <br />described in the MOU. It directs and <br />authorizes staff and legal counsel to <br />negotiate and complete a legally binding <br />Development Agreement. It also authorizes <br />completion of a Contract for Sale of Land <br />for Private Development and a Quit Claim <br />Deed. All of the previously mentioned <br />documents will be scheduled for approval by <br />9 <br />