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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. Continued <br />$17,000 per acre because the standard real <br />estate industry practice is to discount the <br />per acre price when land is purchased in <br />large lots. <br />The staff recommendation is subject to the <br />following: <br />1. Review of final site, building, and <br />landscaping plans for compliance with <br />Toll Road Industrial Park covenants <br />and the Design Review Guidelines <br />drafted for the Airport Economic <br />Development Area. <br />2. Receipt of the required faithful <br />performance guaranty equal to 10% <br />of the proposed purchase price. <br />Mr. Piscione noted that Midwest <br />Embroidery would like to consolidate all of <br />their operation under one roof. They have <br />doubled their employment since they <br />moved into the facility they are presently <br />using. They recently acquired four major <br />licenses, so they expect to continue <br />growing. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission accepted the proposal from <br />Midwest Embroidery for Disposition Lot <br />15 in the Toll Road Industrial Park. <br />-5- <br />COMMISSION ACCEPTED THE PROPOSAL <br />FROM MIDWEST EMBROIDERY FOR <br />DISPOSITION LOT 15 IN THE TOLL ROAD <br />INDUSTRIAL PARK <br />