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South Bend Redevelopment Commission <br /> Regular Meeting—August 30, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (4) 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 />