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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />issues. Soil borings will be required to <br />determine whether the foundation of the <br />former garage (which was left underground) <br />will be sufficient to support the new <br />structure. If not, the foundation will need to <br />be removed. <br />Due to those risks, the purchase price for the <br />land has been reduced to $1.00. The <br />agreement provides a mechanism whereby, if <br />necessary, the city will buy the 125 spaces at <br />a cost proportionate to the total cost of the <br />garage and lease them back to Gameday. <br />Mr. Spillars expressed Gameday's <br />enthusiasm for this project. They are anxious <br />to get started. <br />Ms. Greene noted that Resolution No. 2241 <br />approves the development agreement. It also <br />includes various findings related to the <br />project as proposed that summarize in part <br />the negotiations with the developer to <br />support he Commission's determination of <br />the disposition price . As presented by Mr. <br />Peterson, the disposition price to which the <br />Commission approves is intended as a means <br />of offseting any potential investment by the <br />Commission in the future. The resolution <br />also authorizes the Commission to sign the <br />development agreement as well as any other <br />documents necessary to effect the <br />transaction. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2241 <br />approving a Development Agreement with <br />Gameday Centers Southeastern, LLC and <br />other related matters. <br />COMMISSION APPROVED RESOLUTION N0.2241 <br />APPROVING A DEVELOPMENT AGREEMENT WITH <br />GAMEDAY CENTERS SOUTHEASTERN, LLC AND <br />OTHER RELATED MATTERS <br />16 <br />