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South Bend Redevelopment Commission <br />Regular Meeting - March 4, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata noted that the Commission, at its <br />last meeting, accepted a proposal from Toll <br />Road Industrial Partners, L.P., calling for the <br />sale of land and a three -year option on <br />additional acreage. Toll Road Industrial <br />Partners prefers to have a five -year option on <br />the additional acreage and the Contract for <br />Sale of Land is written with a five -year <br />option. The staff recommends approving the <br />Contract with the five -year option. <br />Upon a motion by lair. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved the Contract for Sale <br />of Land with Toll Road Industrial Partners, <br />L.P. for land in the Airport Economic <br />Development Area and authorized execution <br />of all documents related to the sale. <br />b.(1) Commission approval requested to allow <br />Redevelopment Authority to sign the Petition <br />for Tax Abatement on behalf of Toll Road <br />Industrial Partners, L.P. <br />Mrs. Kolata explained that the <br />Redevelopment Authority is the present <br />owner of the land that is being sold to Toll <br />Road Industrial Partners, L.P. The <br />Commission is the Lessee. Since the owner <br />of land must sign the petition for tax <br />abatement, the Redevelopment Authority <br />authorized the staff to sign the petition. As <br />Lessee, the Commission must also authorize <br />the staff to sign on behalf of Toll Road <br />Industrial Partners. <br />COMMISSION APPROVED THE CONTRACT <br />FOR SALE OF LAND WITH TOLL ROAD <br />INDUSTRIAL PARTNERS, L.P. FOR LAND IN <br />THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA AND AUTHORIZED EXECUTION OF <br />ALL DOCUMENTS RELATED TO THE SALE <br />