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South Bend Redevelopment Commission <br />Regular Meeting — August 30, 2012 <br />6. NEW USINESS (CONT.) <br />B. Ai port Economic Development Area <br />continued... <br />South Bend, Indiana, Department of <br />Redevelopment related to the exercise of <br />purchase options in the Blackthorn <br />Corporate Office Park area. <br />Mr. Inks noted that as the Commission is <br />aware, there is an option agreement with <br />Grubb & Ellis Cressy and Everett for the sale <br />of the remaining property in the Blackthorn <br />Corporate Office Park: That document <br />provides that they have`the ability to <br />purchase from the Commission any of the <br />properties out there at the prices listed in that <br />document for purposes that are consistent <br />with the corporate office park. Staff is <br />getting close to a transaction for a small two <br />acre site that has just been subdivided for a <br />pending sale. That disposition raised the <br />issue of whether we need to bring all closing <br />documents back to the Commission for <br />approval. Staff believes the best way to <br />handle those situations is to authorize staff to <br />execute those documents since there are no <br />provisions for discretion in the sale as long as <br />the price is met. If there were a change in the <br />price, that would have to come back to the <br />Commission. If there were a change in the <br />use that was not authorized in the agreement, <br />that also would have to be approved by the <br />Commission. <br />Mr. Varner asked whether a pending sale <br />would then come to the Commission for <br />approval. Mr. Inks responded it would not, <br />unless the price or use was other than what is <br />laid out in the Option Agreement. Any <br />7 <br />