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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />and Axelburg who, in turn, will sublet it to <br />DE Installers at their current rent; 4) that <br />the term of the sublease from Burton and <br />Axelburg to DE Installers shall end on the <br />earlier of five days after DE Installers opens <br />for business at its new location or February <br />28, 1995; 5) the Commission will pay <br />$123,000 for relocation costs and its interest <br />in its non movable fixtures; 6) this payment <br />will be made in two components, the first of <br />which shall occur 60 days after the date of <br />the real estate closing and the second of <br />which shall occur upon opening of business <br />of DE Installers at its new location; 7) the <br />Commission repair and replace curbs and <br />sidewalks along South Street (the new <br />location); 8) certain obligations related to the <br />Midas Muffler franchise not be released <br />until Midas Muffler opens at its new <br />location. <br />Mrs. Kolata noted that the staff does not <br />recommend accepting the last condition and <br />has made that known to the attorney for <br />Midas Muffler but has not heard back from <br />them. The Commission routinely has all <br />liens and items cleared on the title before <br />closing. She suggested the Commission <br />accept the offer subject to satisfactorily <br />resolving this issue. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission accepted the counter offer from <br />Burton and Axelburg and DE Installers for <br />property located at 1016 and 1102 S. <br />Michigan Street in the Sample -Ewing <br />-23- <br />COMMISSION ACCEPTED THE COUNTER <br />OFFER FROM BURTON AND AXELBURG <br />AND DE INSTALLERS FOR PROPERTY <br />LOCATED AT 1016 AND 1102 S. MICHIGAN <br />STREET IN THE SAMPLE -EWING <br />DEVELOPMENT AREA, SUBJECT TO <br />SATISFACTORILY RESOLVING THE LAST <br />ITEM ON THEIR COUNTER OFFER <br />