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South Bend Redevelopment Commission <br />Regular Meeting -March 14, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />Mr. Witwer noted that Holladay Properties <br />has already closed on the Sheehan property <br />with a purchase price of $282,500. The <br />Commission will pay that price plus closing <br />costs, not to exceed $300,000. <br />Mr. Peczkowski asked why we are using <br />Holladay Properties as a middle man to <br />achieve purchase of the property. Mr. <br />Witwer responded that the Commission <br />cannot purchase property until it is within the <br />city limits and within one of its development <br />areas. That process is expected to take <br />several years. The Sheehans are ready to sell <br />now. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission ratified the Letter of Intent with <br />Holladay Properties related to Property at <br />51270 Mayflower Rd. (Portage Prairie <br />project) <br />(2) Commission approval requested for <br />Resolution No. 2344 accepting the transfer <br />of property from the City of South Bend <br />Board of Public Works. (Originally AEP <br />property) <br />Mr. Schalliol noted that AEP erroneously <br />transferred a piece of property to the City of <br />South Bend that should have been transferred <br />to the Redevelopment Commission. The <br />Board of Public Works accepted the transfer <br />and has by resolution transferred it to the <br />Commission. The Commission intends to <br />COMMISSION RATIFIED THE LETTER OF INTENT <br />WITH HOLLADAY PROPERTIES RELATED TO <br />PROPERTY AT 51270 MAYFLOWER RD. <br />(PORTAGE PRAIRIE PROJECT <br />12 <br />