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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 /> • Moving costs $25,000 <br /> • Re-establishment costs $25,000 <br /> • Total of$310,000 —payable all at <br /> time of closing <br /> • Closing to take place by 6/30/12 <br /> • 802 S. Lafayette to be vacated by <br /> 7/31/12 <br /> • 910 S. Lafayette to be vacated by <br /> 3/31/13 <br /> Purchase of 917 S. Lafayette: <br /> • Purchase price of$200,000 <br /> • Administrative settlement of <br /> $150,000 <br /> • Closing to take place by 3/31/13 <br /> • Date of possession 6/30/14 <br /> • Total of$350,000 (purchase price and <br /> administrative settlement) payable at <br /> closing <br /> Relocation of 917 S. Lafayette: <br /> • Moving costs of$90,000 <br /> • Re-establishment costs of$200,000 <br /> • Total of$290,000 (moving & re- <br /> establishment) payable by 6/30/14 <br /> • 917 S. Lafayette to be vacated by <br /> 6/30/14 <br /> Grand total: $950,000 over three years <br /> Staff recommends approval of this Purchase <br /> Agreement. It provides for the immediate <br /> purchase of the property needed for the <br /> timely construction of the sub-station for the <br /> 18 <br />