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South Bend Redevelopment Commission <br />Regular Meeting - August 4, 1995 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />closing on Tract I. The proposal states <br />that the building would be similar to the <br />building built by Mr. Gonderman last year <br />at Indiana 23 and 30th Street. <br />The proposal includes a price escalation <br />for the purchase of Tract H. The applicant <br />would have two years from the closing on <br />Phase I to purchase Tract II for $25,000 <br />per acre. After that time, the applicant <br />would pay an additional $5,000 per acre <br />each year until the fifth year, not to <br />exceed $40,000 per acre. <br />The following is an explanation of the <br />conditions placed on this offer by <br />Sycamore Hills. Each condition is <br />followed by a brief staff recommendation. <br />Roadway - <br />The proposal is requiring the Commission <br />to construct a cul -de -sac road running <br />north -south along the western boundary of <br />the proposed Tract II prior to April 1, <br />1997. The road is part of the larger <br />master plan for the Blackthorn Corporate <br />Park and would be necessary for the <br />development of Tract II. The applicant <br />would not be obliged to purchase Tract II <br />until the road is completed. <br />This condition is acceptable to staff as it <br />was provided for in our master plan and <br />will open up additional land for <br />development. However, due to prior <br />project commitments, staff would <br />recommend changing the completion date <br />to September 1, 1997. This project is <br />estimated to cost $450,000. <br />-5- <br />