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South Bend Redevelopment Commission <br />Regular Meeting -October 2, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Housing <br />There was no business from Housing. <br />C. South Bend Central Development Area <br />There was no business in the South Bend Central <br />Development Area. <br />D. Sample-Ewing Development Area <br />(1) Staff report on acquisition of property in <br />the Sample-Ewing Development Area. <br />(South Bend Lathe) <br />Mr. Laurent noted that staff has had ongoing <br />negotiations with South Bend Lathe for <br />approximately one and one-half years, since <br />the Commission sent its purchase offer in the <br />amount of $10 for the property. Staff and <br />representatives of ARG Corporation have <br />come to terms on the Purchase Agreement <br />that is before the Commission today. The <br />proposed Purchase Agreement sets an <br />agreed-upon purchase price of $663,071.84 <br />for the two parcels located at 400 W. Sample <br />Street. Under the terms of the Agreement, the <br />Commission would assume back taxes and <br />penalties in the amount of $336,928.16. As <br />part of the Purchase Agreement, ARG <br />Corporation would be granted a right of first <br />refusal on a parcel of property to be replatted <br />in the northwest corner of Studebaker Area A <br />(corner of Sample and Chapin St.). The <br />acreage of the parcel is to be determined, but <br />ARG would be given a right of first refusal <br />for three years after closing on the <br />Commission's purchase of the SBL property. <br />ARG would have the right to purchase the <br />parcel at a purchase price of $44,300 per <br />2 <br />