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South Bend Redevelopment Commission <br /> Regular Meeting—May 31, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (2) continued... <br /> Redevelopment Commission has been <br /> interested in purchasing these properties for <br /> approximately 20-25 years because of their <br /> strategic location in the redevelopment of the <br /> former Studebaker Corridor and, now, <br /> Ignition park and the Renaissance District <br /> Project. The properties are owned by either <br /> Hamilton Body Shop Inc. or Richard C. <br /> Hamilton. <br /> There are three properties in the vicinity of <br /> the intersection of Lafayette and Sample. <br /> The main property is the Body Shop on the <br /> west side of Lafayette at 917 W. Lafayette. <br /> The towing portion of the business is at 910 <br /> S. Lafayette on the east side of the street. <br /> The third property is an auto storage lot at <br /> 802 S. Lafayette, on the east side of the street <br /> just north of Sample. The property at 802 S. <br /> Lafayette is needed for the power sub-station <br /> for the Renaissance District Project by <br /> August 1, 2012. The properties at 910 and <br /> 917 S. Lafayette are located in the Ignition <br /> Park planning area and long-term plans call <br /> for their acquisition and relocation. Mr. and <br /> Mrs. Hamilton are now interested in selling <br /> all of these properties to the Redevelopment <br /> Commission. The Purchase Agreement <br /> outlines the terms that have been negotiated <br /> over the past two months. <br /> Purchase and Relocation of 802 and 910 S. <br /> Lafayette: <br /> • Purchase price of$120,000 <br /> • Administrative settlement of <br /> $140,000 <br /> 17 <br />