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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. Staff report on disposition of property in <br />the South Bend Central Development <br />Area. <br />Mrs. Kolata noted that at the last meeting <br />the Commission heard two proposals for <br />property located on Western Avenue <br />between Michigan and Main Streets. <br />Western Avenue Partnership (Panzica <br />Development) proposed to construct a build - <br />to -suit complex for a specific anchor tenant. <br />Development is to take place in two phases <br />with the phase one building to occupy the <br />corner of Michigan and Western and the <br />phase two to occupy the corner of Main and <br />Western. The construction of phase one <br />would begin in early 1995 with phase two to <br />begin within five years. The completed <br />development will meet or exceed the design <br />guidelines for the site, which consisted of <br />two or more stories containing over 40,000 <br />square feet of space, a hard edge at both <br />corners and classic architectural design of <br />permanent materials. They bid $240,000 for <br />the site. <br />Their proposal was contingent on a number <br />of factors: 1) execution of a lease with the <br />tenant for whom the site is proposed; 2) <br />procurement of financing; 3) information on <br />survey and environmental; 4) certification by <br />the Commission that the site is free of <br />buried obstructions, etc. or the Commission <br />would bear the cost of removing such <br />obstructions; 5) the offer must remain open <br />for a period of 215 days from the date of <br />submittal. <br />C -11- <br />