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uth Bend Redevelopment Commission <br />C%Oiegular Meeting - February 18, 1994 <br />6. NEW BUSINES Cont.) <br />j. continued... <br />south of the first 6 -acre parcel. The <br />partnership has also requested to begin <br />construction on the site by March 1, <br />1994. Assuming the Commission <br />accepts this proposal, it is doubtful that <br />closing would take place prior to that <br />date. <br />The proposal forms received as of <br />February 17 were not complete and did <br />not include the required 10% faithful <br />performance guaranty. However, due to <br />the time constraints of the developer, the <br />staff recommends that the Commission <br />`, waive the informalities of this proposal <br />..r and accept the offer to purchase the 6- <br />acre parcel, subject to the following: 1) <br />Completion of all proposal forms by <br />February 25, 1994; 2) Review of <br />proposed building, site and landscaping <br />plans by staff for compliance with Toll <br />Road Industrial Park Covenants and <br />Design Guidelines for the Airport <br />Economic Development Area; 3) <br />Payment of the required 10% faithful <br />performance guaranty at the time of <br />closing; and 4) Granting a 3 -year option <br />to purchase the additional 5.5. acre <br />parecel for $20,000 per acre with the <br />requirement that the exercise of the <br />option must be accompanied by a plan <br />for development of the real estate which <br />conforms to the Plan and Guidelines for <br />the Airport Economic Development <br />Area; and the developer must, at that <br />r� <br />-17- <br />