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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />k. continued... <br />that we have been discussing a development <br />agreement with Venterra, Inc., of Chicago. <br />They have spent a lot of time with us so far <br />defining our vision for the Corporate Center. <br />We propose to enter into an agreement with <br />Venterra as the developer for the Corporate <br />Center sites. Under the agreement, they will <br />be retained as developer for Blackthorn until <br />December 31, 1997 to market the business <br />sites. Since they are located in Chicago, we <br />have asked that they contract with a local <br />realtor to actively work the local market. <br />They will establish a local office by June 1, <br />CW 1993. They will develop marketing <br />materials, advertise, pursue leads, show the <br />land to prospects, etc. They will provide us <br />with written monthly reports on their <br />activity. <br />Venterra's compensation is to be based on <br />the theory that they are participating in this <br />venture with us and they are sharing some of <br />the risk. We will pay them from the <br />proceeds of sales that are made. From the <br />proceeds of each sale will, first, be taken an <br />amount sufficient to repay the Commission <br />its investment in that land. That would <br />either be $15,000 per acre for the Airport <br />Authority land, or an amount necessary to <br />defease the relevant portion of the bonds <br />used to pay for that land, approximately <br />-18- <br />