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South Bend Redevelopment Commission <br />Regular Meeting - September 16, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />date of closing to be paid in full by the <br />seller. <br />Mrs. Kolata noted that the proposal includes <br />a check in the amount of $4,800 as a <br />performance guarantee. (A performance <br />guarantee of 10 % of the purchase price is <br />required.) <br />Mrs. Kolata noted that the second proposal <br />is from Western and Michigan Partners, <br />affiliated with the Holladay Corporation. <br />The proposal is tendered contingent upon <br />the execution of a minimum of two lease <br />agreements. If these lease agreements are <br />not executed on or before May 1, 1995, <br />Western and Michigan Partners retains the <br />right to withdraw its offer and receive a <br />return of its performance guarantee. The <br />partnership has submitted a bid of $252,000 <br />for the property. The proposal includes a <br />check of $25,231 as a performance <br />guarantee. The proposed new office facility <br />will be three to four stories, containing <br />37,000 to 49,000 square feet of space. The <br />proposal also includes a clock tower. <br />Mr. Perri noted that Holladay has been <br />working with their prospect for quite a <br />while and feel they are close to an <br />agreement. They need to secure control of <br />the site in order to proceed. He asked that <br />the Commission rule swiftly and favorably <br />on their proposal. <br />Ms. Auburn asked both developers if they <br />felt confident they were close to executing a <br />-7- <br />