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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Western Avenue Partnership would pay <br />$160,000 cash at closing with the balance of <br />$80,000 to be paid over the five year <br />period. <br />Western and Michigan Partners (Holladay <br />Corp.) submitted the second bid. It was <br />made contingent on the execution of a <br />minimum of two lease agreements. If the <br />lease agreements were not made on or <br />before May 1, 1995, they retained the right <br />to withdraw their offer and receive a return <br />of the performance guarantee. <br />Western and Michigan Partners submitted a <br />bid of $252,000 for the property. They <br />proposed to construct an office building of <br />three to four stories containing 37,000 to <br />49,000 of space. <br />Mrs. Kolata noted that since the last <br />Commission meeting, the staff has met with <br />both developers separately to review the <br />proposals. In the Panzica proposal, the first <br />building will be also 30,000 square feet and <br />the second building will be 30,000. In order <br />to build the second building they would need <br />to acquire additional land from a private <br />owner for parking. The first building will <br />be two stories, approximately 34 feet tall. <br />The second building would be a three story <br />building. <br />Mrs. Kolata noted that the Holladay <br />proposal provides for a 15,000 square foot <br />footprint and would be three stories. It <br />C, -12- <br />