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South Bend Redevelopment Commission <br />Regular Meeting - July 21, 1995 <br />6. NEW BUSINESS (Cont.) <br />j. continued... <br />The staff has been negotiating with them for <br />some time to determine a fair price for <br />buying out the contract. Venterra's out -of- <br />pocket expenses to date have been <br />approximately $127,000. Under the <br />Termination Agreement, those expenses <br />would be reimbursed over the next 90 days. <br />As land sells, Venterra will receive a portion <br />of the sales price, up to $322,000. They <br />have not been paid for any of their services <br />so far. Both sides have agreed that that <br />price represents Ventera's share of value <br />added to the project based on the services <br />they have provided. Venterra is still at risk <br />in the arrangement. Without land sales <br />there is no payment. The staff recommends <br />approving the Termination Agreement. <br />Mr. Hunt noted that the local realtor who <br />was working with Venterra, Coldwell <br />Banker - Anchor, will continue to provide real <br />estate services to market the land. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved the Agreement <br />Terminating the Development Agreement <br />Concerning Blackthorn Corporate Center in <br />the Airport Economic Development Area. <br />a. Commission approval requested for <br />Resolution No. 1366 related to acquisition <br />of property in the Sample -Ewing <br />Development Area by Eminent Domain. <br />Z <br />