Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -March 14, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />There was no business in the South Bend Central <br />Development Area. <br />B. Airport Economic Development Area <br />(1) Commission ratification requested of <br />Agreement between City of South Bend <br />and Holladay Properties related to <br />Property at 51270 Mayflower Rd. (Portage <br />Prairie project) <br />Mr. Inks noted that legal counsel has advised <br />that the letter referred to in the agenda item <br />as an Agreement should really be referred to <br />as a Letter of Intent. <br />Mr. Witwer noted that the Mayor signed a <br />Letter of Intent with Holladay Properties for <br />the purchase of the Sheehan property at <br />51270 Mayflower, which is needed for the <br />Auten Road connector. The Auten Road <br />connector will serve as one of the main <br />pieces of infrastructure to Portage Prairie and <br />will support the growth of that expected $300 <br />million mixed use development. The <br />Sheehan property is not currently in the city <br />limits, nor in the Airport Economic <br />Development Area, but the Sheehans want to <br />relocate and sell that property now. In order <br />to gain control of the property for the city's <br />future use, Holladay Properties was willing <br />to purchase it from the Sheehans and hold it <br />until the city has annexed it. In the Letter of <br />Intent, Mayor Luecke has promised to <br />purchase the property from Holladay after <br />annexation for the actual purchase price, not <br />to exceed $300,000. Ratification is needed <br />by the Redevelopment Commission. <br />11 <br />