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South Bend evelcpment Commission <br />Regular Mee ing - September 14, 1990 <br />6. NEW BUSA S (Cont.) <br />a. con'inuea... <br />all the way in the site. There has to be <br />some public improvements and there has to <br />be it lift station put in to handle the <br />sewage. It does have to happen. The <br />Ci 's responsibility would basically end <br />at the property lines. That's all we <br />wculd be talking about doing. Some more <br />of the work that we're proposing to do is <br />modifying the intersection where <br />C1 eland Rd. comes in with Brick Rd., <br />makinq it a safer intersection. <br />To c let to your comment on the market <br />fo and what we are doing and how much <br />larxi we own in the Studebaker Corridor. <br />We own one building that was given to us <br />a couple of years ago that is 550,00 <br />square feet on 4 stories. That has been, <br />until just now, the only thing that we <br />have owned in the Studebaker Corridor. We <br />are now sending out purchase offers. We <br />are acquiring property and have agreement <br />on about 10 parcels but I don't know if <br />any have closed yet. We haven't had land <br />in the Studebaker Corridor. We will be <br />as ling land but only expect to have <br />about 30 acres. <br />Mrs Pendl: If I heard correctly, you <br />are estimating $1,200,000 to $1,600,000 <br />to acquire 10 parcels of ground. <br />Kolata: That's correct. <br />Mrs Pendl: What is that per acre. It <br />less then $5,000. <br />Mrs Kolata: I don't have the worksheets <br />pre4ent and the estimates could be wrong. <br />Mrs Pendl: That was far below what <br />other ground has sold for. Ground behind <br />and in front of us. <br />Mrs Kolata: That's one of the reasons <br />why we want to hire appraisers, to see if <br />that's realistic or not. <br />-15- <br />