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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />k. continued... <br />$12,000 per acre. The second item to be <br />paid for from sale proceeds is a real estate <br />commission. The next item paid for out of <br />sale proceeds is an amount sufficient to <br />reimburse Venterra its cost for marketing. <br />Any remaining proceeds will be split with <br />the City and Venters each receiving 50%. <br />This arrangement has Venters fronting the <br />marketing costs. <br />Ms. Auburn asked about Venterra's <br />reputation and how long they have been in <br />business. Mrs. Kolata responded that they <br />have been working with us on this project <br />for about four years. They have been in <br />business in Chicago approximately 18 years. <br />They are the ones who first approached the <br />Airport Authority about developing the golf <br />course /office campus project. Some of their <br />members are affiliated with Seay &Thomas <br />and North American Golf, some are with <br />M Financial Consulting. They are <br />involved in a similar golf course /business <br />campus in Dupage County and have done a <br />lot of other real estate development. <br />Mrs. Kolata noted that item 6.m. sets the <br />value of the land at $40,000 per acre. Mr. <br />Donoho asked how realistic that price is. <br />Mrs. Kolata responded that the land was <br />appraised at $40,000 per acre. However, it <br />-19- <br />