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South Bend Redevelopment Commission <br />Regular Meeting - April 7, 1995 <br />c. continued... <br />acceptance of the above proposal with the <br />following conditions: <br />1. The purchase price of $325,000 for 600 <br />N. Niles Avenue should be paid over a <br />four year period. The first year payment <br />will be offset by a $55,000 credit for the <br />land in the Studebaker Corridor. The <br />balance of $270,000 will be paid in three <br />annual payments of $90,000 each <br />beginning in 1996. <br />2. Design Packaging will remove an <br />Underground Storage Tank , remove an <br />Above Ground Storage Tank, any barrels <br />currently located at that location and <br />leave the premises at 600 N. Niles <br />completely empty. <br />It is our understanding that construction of <br />the project will begin in May and be <br />completed by the end of this year. <br />Mrs. Kolata noted that the underground <br />storage tank was removed from the Design <br />Packaging site last week. <br />Mrs. Kolata noted that she received a <br />telefaxed copy of a purchase offer for the <br />same (Transwestern) site early this morning <br />from the Studebaker Drivers' Club. The <br />offer was presented to the Commission's <br />real estate broker, Coldwell Banker, late in <br />the day April 6. <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />In <br />