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uth Bend Redevelopment Commission <br />C%Olegular Meeting - February 18, 1994 <br />6. NEW BUSINESSCont.) <br />j. continued... <br />time, execute a Cotnract for Sale of <br />Land for the additional 5.5 acres. <br />The staff also recommends that the <br />Commission allow the partnership to <br />begin construction of the proposed <br />project prior to closing, if necessary, <br />provided that they assume all risk, <br />financial or otherwise, and indemnify <br />and hold harmless the Commission, the <br />Authority and the City against any and <br />all claims or liabilities. <br />Mr. Laskowski from The Holladay <br />Corporation noted that their client wishes <br />to remain anonymous at this time. They <br />expect the $25 million project to be <br />complete by August 1994. <br />Mr. Donoho asked if the Commission <br />could give an option to purchase. Mrs. <br />Kolata responded that Jenny Pitts Manier <br />has reviewed this point and approved it. <br />The Commission cannot sell land for <br />speculative purposes. The requirement <br />that the developer submit a plan and <br />have the plan approved before being <br />allowed to exercise the option to <br />purchase is meant to address that <br />concern. <br />Mr. Donoho asked if the land to be <br />under option has already been put up for <br />bid. Mrs. Kolata responded that all <br />Authority- ownedland in the Toll Road <br />Industrial Park has been put up for bid. <br />-18- <br />