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South Bend edevelopment Commission Regular Mee ing - January 24, 1992 6. NEW BUST NESS (Cont.) 1. con1tinued... M. n. carried, the Commission ratified the Publication of Notice of Intended Sale of Property located at 212 -218 S. Michigan (Parcels No. C4 -16 and C4 -17) in the South Bend Central Development Area with pub ication dates to be January 24 and Jan ary 31, 1992 and receipt of bids to be t 10:00 a.m. February 14, 1992. . (765 S. Lafayette) Mrs. Kolata noted that the Commission acc pted a counter offer from the owners of the Avanti Building to purchase the building. Part of that counter offer was to set aside $45,000 in an escrow account for clean -up of certain environmental con itions. Each of the owners signed a sep rate, but identical agreement. Upon a motion by Mr. Piasecki, seconded by Ms. Huddleston and unanimously carried, the Commission authorized exe ution of the Escrow Agreements with own rs of Parcel 1 -7 in the Studebaker Cor idor Development Area (765 S. Laf yette). Mrs. Kolata noted that an Environmental Disclosure is a requirement of the state law regarding the transfer of property. The transfer of certain kinds of property re Tres that such a document be submitted to the purchaser. It puts the purchaser on notice that certain kinds of activity have occurred on the site. The Cormnission is simply acknowledging receipt of the document, which will then be Geoffrey Newman, managing par tecorded. ner of NAB Realty, has filled it out. -10- SALE OF PROPERTY LOCATED AT 212 -218 S. MICHIGAN (PARCELS NO. C4 -16 AND C4 -17) IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WITH PUBLICATION DATES TO BE JANUARY 24 AND JANUARY 31, 1992 AND RECEIPT OF BIDS TO BE AT 10:00 A.M. FEBRUARY 14, 1992 COMMISSION AUTHORIZED THE EXECUTION OF THE ESCROW AGREEMENTS WITH THE OWNERS OF PARCEL 1 -7 IN THE STUDEBAKER CORRIDOR DEVELOPMENT AREA (765 S. LAFAYETTE)