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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (1) continued... <br /> Specifics of the Option Agreement are: <br /> • $180,000 initial option payment <br /> • annual option renewal dates of <br /> December 15, 2012—2014 <br /> • $138,125 annual option payment <br /> • exercise option in 2015 with payment <br /> of$138,125 <br /> • all option payments to be applied to <br /> the acquisition price <br /> • if right of first refusal is not <br /> exercised, past payments are to be <br /> refunded. <br /> Staff believes this Option Agreement will <br /> continue the forward momentum occurring in <br /> the LaSalle Square area, and requests <br /> Commission approval of Resolution <br /> No. 2958 and the Real Estate Option <br /> Agreement. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE REAL ESTATE <br /> Mr. Varner and unanimously carried, the OPTION AGREEMENT FOR 3408 ARDMORE TRAIL <br /> Commission approved the Real Estate Option (FORMER ST.VINCENT DEPAUL). <br /> Agreement for 3408 Ardmore Trail (former <br /> St. Vincent DePaul). <br /> 6. NEW BUSINESS <br /> C. Airport Economic Development Area <br /> (5) Proposal for architectural study of Bosch <br /> buildings. <br /> Mr. Inks noted that staff requested <br /> Architecture Design Group (ADG) perform <br /> 45 <br />