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South Bend Redevelopment Commission <br />Regular Meeting - July 21, 1995 <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved the change in date to <br />September 12, 1995, for use of property in <br />the West Washington - Chapin Development <br />Area for a neighborhood picnic. <br />j. Commission approval requested for <br />Agreement Terminating the Development <br />Agreement Concerning Blackthorn <br />Corporate Center in the Airport Economic <br />Development Area. <br />Mr. Hunt explained that Venterra Inc. has <br />had a contract with the Commission since <br />the end of March 1993 for co- development <br />of Blackthorn Corporate Park <br />(predevelopment, planning, and marketing). <br />Since the Commission did not have the <br />financial capacity to pay cash for their <br />services, the agreement with Venterra was <br />that they would assume all front -end costs <br />and then share 50/50 in the net profit when <br />the land was sold. We have worked with <br />Venterra for 2'/2. years, through the <br />predevelopment phase and the initial <br />marketing stages. We think that a parting of <br />the ways between the two entities on a <br />mutually agreeable basis makes sense. It <br />gives Venterra more flexibility to pursue <br />development angles and returns to the City <br />100% of the profits as opposed to 50% of <br />the profits. We feel the project is mature <br />enough to move ahead. Venterra has some <br />opportunities that they want to pursue. It <br />makes sense to terminate the agreement. <br />5 <br />COMMISSION APPROVED THE CHANGE IN <br />DATE TO SEPTEMBER 12, 1995, FOR USE OF <br />PROPERTY IN THE WEST WASHINGTON - <br />CHAPIN DEVELOPMENT AREA FOR A <br />NEIGHBORHOOD PICNIC <br />