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RM 10-07-94
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RM 10-07-94
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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. <br />f. <br />continued... <br />Mr. Donoho amended his motion to include <br />the April 1, 1995 deadline. Mr. Sharp <br />accepted that deadline in his second of the <br />motion. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission gave an option on Parcels C9 -1 <br />and C9 -2 to both Western Avenue <br />Partnership and Western and Michigan <br />Partners committing to award the property to <br />whichever of them was the successful bidder <br />for the primary tenant, stipulating that the <br />award must be made by April 1, 1995, that <br />the purchase price be paid in full upon <br />closing, and agreeing to refund the <br />performance guarantee to one or both if <br />either or both were not the successful bidder <br />for the primary tenant and authorized the <br />staff to execute whatever documents are <br />necessary with the developers. <br />Staff report on acquisition of property in <br />the Sample -Ewing Development Area. <br />Mrs. Kolata noted that the staff received a <br />counter offer jointly from the owners of the <br />property on which Midas Muffler is located, <br />Burton and Axelburg, and the tenant of the <br />Midas Muffler property, DE Installers. The <br />counter offer is as follows: 1) Davment to <br />the fee simple owners $335,000 for the real <br />property; 2) a closing on the real property <br />within 10 days of acceptance of the offer; 3) <br />after closing the real estate shall be leased <br />for the sum of $1.00 per month to Burton <br />-22- <br />COMMISSION GAVE AN OPTION ON <br />PARCELS C9 -1 AND C9 -2 TO BOTH WESTERN <br />AVENUE PARTNERSHIP AND WESTERN AND <br />MICHIGAN PARTNERS COMMITTING TO <br />AWARD THE PROPERTY TO WHICHEVER OF <br />THEM WAS THE SUCCESSFUL BIDDER FOR <br />THE PRIMARY TENANT, STIPULATING <br />THAT THE AWARD MUST BE MADE BY <br />APRIL 1, 1995, THAT THE PURCHASE PRICE <br />BE PAID IN FULL UPON CLOSING, AND <br />AGREEING TO REFUND THE PERFORMANCE <br />GUARANTEE TO ONE OR BOTH IF EITHER <br />OR BOTH WERE NOT THE SUCCESSFUL <br />BIDDER FOR THE PRIMARY TENANT AND <br />AUTHORIZED THE STAFF TO EXECUTE <br />WHATEVER DOCUMENTS ARE NECESSARY <br />WITH THE DEVELOPER <br />
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