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South Bend Redevelopment Commission <br />Special Meeting —March 28, 2002 <br />6. NEW BUSINESS (CONT.) <br />F. Sample -Ewing Development Area <br />(4) continued... <br />Ms. Greene advised with respect to the <br />options that have been negotiated by the <br />Urban Enterprise Association, the <br />negotiated price on the properties <br />captured all costs including relocation. <br />Appraisals were completed for each <br />property. The option agreements that <br />have been negotiated with the respective <br />property owners have taken into <br />consideration some of the leasehold <br />interests that are currently on the <br />property. The options are structured <br />such that leases need not be broken, but <br />will not be renewed. The project does <br />ILI not need the land faster than the leases <br />expire. <br />Mr. Schalliol reported on the first option <br />with JVH Incorporated located at 1818 <br />West Sample Street. It is a six acre <br />parcel of land with approximately <br />14,000 sq ft of existing building. The <br />purchase price for the property is <br />$525,000. As part of the option <br />agreement, the existing land owner and <br />business will remain on site until <br />December 31, 2002. <br />The second option is with <br />L & H Leasing (north & south <br />properties). There is only one option for <br />both properties and the total site <br />acquisition is approximately 27 acres. <br />There are several buildings and tenants <br />on site which will remain no later than <br />March 31, 2003. The option will <br />ILincorporate a phased take -down of the <br />13 <br />