Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — September 27, 2011 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) continued... <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Environmental <br />Agreement Regarding Real Estate with Data <br />Realty. <br />(2) Option Extension Agreement with CE <br />Capital for Blackthorn Corporate Office <br />Park. <br />Mr. Inks noted that the Option Extension <br />Agreement would extend the expiration date <br />of the Option Contract with CE Capital by <br />three years to August 27, 2015. Under the <br />original Option Contract entered into August <br />27, 2007, CE Capital Group, LLC acquired <br />an option for all the Commission owned <br />property for sale in the Blackthorn Corporate <br />Office Park. The option fee to be paid by CE <br />Capital was $100,000. <br />Since entering into this Option Contract, <br />South Bend and the rest of the country have <br />experienced a severe recession and turmoil in <br />the real estate markets, both residential and <br />commercial. Very little new private business <br />development has occurred in South Bend or <br />St. Joseph County over the last three years. <br />We continue to believe CE Capital can <br />successfully market this property in an <br />improved economic climate and recommend <br />the three year option extension. <br />Mr. Doolittle provided a brief review of what <br />has transpired over the last six years in the <br />office /real estate market. The negative side <br />16 <br />COMMISSION APPROVEDTHE ENVIRONMENTAL <br />AGREEMENT REGARDING REAL ESTATE WITH <br />DATA REALTY. <br />