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South Bend Redevelopment Commission <br />Special Meeting - May 26, 1995 <br />6. NEW BUSINESS <br />b. continued... <br />Development Area. The applicant, <br />Midwest Land Company, of New York, <br />New York, is proposing to purchase the <br />11.2 acre Lot 1 of the First Blackthorn <br />Industrial minor subdivision for <br />$168,300, or $15,000 per acre. <br />As part of the land purchase, the <br />Company would develop a 100,000 sq.ft. <br />printing facility, which would employ <br />100 -150 people. The proposed <br />development would generate between $6- <br />8 million of private investment. The <br />facility would be linked via satellite to <br />the company's other facilities across the <br />country. The Company expects <br />construction on the printing facility will <br />begin before the end of this year. <br />A four party agreement has been <br />arranged between Midwest Land <br />Company, the City of South Bend, the <br />Indiana Department of Commerce and <br />Indiana Michigan Power to complete <br />necessary improvements to the site. <br />Midwest Land Company's participation <br />in the infrastructure project is estimated <br />to be an additional $7,500 per acre. <br />These added infrastructure expenses <br />brings the Company's cost to acquire the <br />property to $22,500 per acre. <br />The proposal requests that the <br />Commission continue the Nimtz Parkway <br />right of way improvements currently in <br />place in the Corporate Park area <br />-3- <br />