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South Bend Redevelopment Commission <br />Regular Meeting -September 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />C. Sample-Ewing Development Area <br />(1) Commission approval requested for <br />Contract of Purchase and Sale with <br />Norfolk Southern Corporation for the <br />seven-acre former rail yard located within <br />Studebaker Area A in the Sample-Ewing <br />Development Area. <br />Mr. Laurent noted that this item relates to the <br />former Studebaker Rail Yard that was part of <br />the South Bend Stamping plant. On July 1 1, <br />2005 the Commission approved a counter <br />offer from Norfolk Southern Corporation in <br />the amount of $115,000. That approval was <br />contingent upon drafting an equitable <br />purchase contract. After thirteen months of <br />negotiation, that document has been <br />completed. The document retains the <br />purchase price of $115,000. The <br />Commission would pay $10,000 in earnest <br />money after which the Commission will have <br />thirty days to conduct title examination and <br />furnish Norfolk Southern with any <br />objections. The Commission shall then have <br />90 days to conduct environmental testing at <br />the property and provide a written statement <br />of any environmental concerns found that <br />impact the property. At the end of the 90 <br />days both sides have the ability to either <br />waive any objections they have and close the <br />transaction or renegotiate the sale terms and <br />purchase price, or terminate the agreement <br />and walk away. Mr. Laurent stated that this <br />is the best deal we could negotiate with <br />Norfolk Southern and staff recommends <br />approval. <br />Mr. Peterson noted that legal counsel has not <br />had an opportunity to review the Contract of <br />8 <br />