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South Bend Redevelopment Commission <br />Regular Meeting -May 19, 2006 <br />6. NEW BUSINESS (CONT.) <br />F. Airport Economic Development Area <br />continue ... <br />After several months of negotiations of the <br />fine points of the contract for sale <br />documents, a signed document was presented <br />to Commission staff on April 24th for <br />Commission approval. The purchase value, <br />as proposed by the signed documentation is <br />$237,216.00. <br />The basic structure of the sale is similar to <br />the proposal presented in December 2005 <br />with a few minor changes. The main change <br />is the revision of some dates to reflect the <br />closing schedule and changes to the <br />ownership group purchasing the site. At this <br />point, construction of Phase 1 is to start by <br />October 1, 2006, with completion of Phase 1 <br />in one year. Also, the ownership group has <br />been modified, and at this time Christian <br />Davey with PCN Properties, LLC, is the <br />managing partner for the ownership group <br />purchasing these parcels. <br />Staff requests approval and signature of the <br />Contract for Sale of Land documents. <br />Mr. King commended Mr. Schalliol on his <br />patience working with this project through <br />some difficult changes. This project will be a <br />nice project and well worth the effort. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved the Contract for Sale <br />of Land in the Airport Economic <br />Development Area. (Lots 4-6, U. S. 31 <br />Industrial Park) <br />COMMISSION APPROVED THE CONTRACT FOR <br />SALE OF LAND IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (LOTS 4-6, U.S. 3I <br />INDUSTRIAL PARK) <br />22 <br />