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South Bend Redevelogrent Cmraission Regular Meeting - January 10, 1992 6. NEW BUS S (Cant.) e. conT nuea... Mrs Kolata noted that we have been in discussions with the owners of the p rty at 765 S. Lafayette, which is the 4.9 acre site that includes the Avanti building. The six owners of that p rty have made an offer concerning their willingness to sell the building upon certain conditions. The conditions are 1) a purchase price of $240,000; 2) of iliat $240,000 $45,000 will be put into an escrow account for a period of two y fran the date of closing, to be usel by the Crnmission to pay for costs of lean -up of any environmental con tion which may exist on the p rty; 3) any unused portion of the escrow fund will be released to the sellers at the end of the two year per od; 4) if the envi.rorm -ental clean-up cos --s exceed the escrowed amount, the Cit will pay the overage; 5) the Cannission will pay outstanding property tax�s for 190 payable 191 and 191 payable 192 611 the C mission will pay for the cos of a title insurance policy; and, 7) eas is will be kept in place. Mrs Kolata noted that the title insn-ance policy is a cost we would usually pay. The property taxes on the property will be approximately $1,351 if we lose in early February. The staff recamiends accepting the off r. The resolution states that we havB received the offer, that the offer is onsistent with Fair Market Value as established by our appraisers, and au orizes the sending of a purchase off Br and beginning of condemnation p eedings if closing does not take pla e within 60 days. Mrs on 10, is are , Kolata noted that we expect to close :he property approximately February 1992. The Eminent Darin provision i fall -back provision for us. There a couple of items on the title policy ME