Laserfiche WebLink
South Bend <br />Regular Me <br />elopment Commission <br />- February 14, 1986 <br />6. NEW BUSINESS (Cont.) <br />b. Continued... <br />ew Committee has approved the site plan. <br />truction would then be completed within 12 <br />The second major change is that the agreement <br />shall be amended at Section 7 of the original <br />agrE,ement to reflect the following goals for <br />the future and more intensive development of <br />the property. In the original agreement a <br />Joint Development Committee was established to <br />hell) market the air space. The Joint <br />Development Committee (JDC) consists of two <br />TRANSPO representatives, two Redevelopment <br />Co ssioners, and the Mayor or his designee <br />to serve as the coordinating body and the body <br />that would make recommendations to both the <br />Commission and TRANSPO. The JDC shall <br />rec mmend acceptance of any offer involving <br />development of a project with a minimum <br />construction of 60,000 square feet within the <br />site or if a supporting facility is needed to <br />support the future development of the present <br />Shopper's Park Free lot. Once the JDC <br />receives a written letter of intent from any <br />developer outlining their project, the JDC <br />will. review the project, forward it to <br />Redevelopment for review and determination <br />that the offer meets minimum standards. If <br />the offer does fit the minimum standards, <br />Redevelopment will initiate the following <br />process. Redevelopment will indicate in <br />written form that the JDC and Redevelopment <br />both agree that the project is worthwhile, <br />meets the guidelines and minimum standards, <br />and we should move forward. This will <br />initiate TRANSPO's reconveying the property to <br />Red velopment (within fifteen days) for <br />recombining with the existing air space and <br />sub--surface rights that Redevelopment owns, <br />and offer the development site for public <br />bidding. TRANSPO will then have 120 days to <br />relocate off the site. The repurchase price <br />for reconveyance of the property by TRANSPO to <br />Redevelopment shall not exceed $225,000. The <br />improvements funded by UMTA will be <br />depreciated. Redevelopment has agreed with <br />TPUANSPO to share in any additional monies <br />above the repurchase price or the maximum of <br />