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South Bend edevelopment Commission <br />Regular Mee ing - May 8, 1992 <br />5. OLD BUSINESS (Cont.) <br />6 <br />b. continued... <br />a. <br />Mrs. Kolata noted that at the May 1 <br />mee ing the Commission authorized the <br />sta f to publish the Notice of Hearing, <br />set ing a public hearing for 10:00 a.m. <br />May 22. The expansion picks up the area <br />just annexed into the City, primarily in <br />the Toll Road Industrial Park. The <br />amended plan also lists a number of <br />properties which we intend to acquire. <br />They are, also, almost exclusively in the <br />Tol Road Industrial Park. <br />Upon a motion by Mr. Donoho, seconded by COMMISSION ACCEPTED RESOLUTION <br />Mr. Faccenda and unanimously carried, the NO. 1058 FOR FILING <br />Cormnission accepted Resolution No. 1058 <br />for filing. The public hearing on <br />Resolution No. 1058 will be held Friday, <br />May 22, 1992 at 10:00 a.m. <br />Mrs Kolata noted that the purchasers of <br />the L. Keen Building in Monroe Park never <br />actually completed the purchase of the <br />building. The Commission had entered <br />into a lease with them whereby they would <br />pay increasingly larger amounts each year <br />with a balloon payment at the end of the <br />four year lease. They were never able to <br />obtain financing and the project never <br />developed in the way they intended. Last <br />fall they were sent a notice to cure the <br />def ult within six months. That time has <br />now expired. <br />This document terminates their interest <br />in the property. The Commission would <br />then be required to put the property up <br />for bid again. Upon sale of the <br />property, there is a priority list for <br />-3- <br />