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South Bend Redevelopment Commission <br />Regular Meeting - September 1, 1995 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Mr. Faccenda indicated that the Commission <br />is favorably inclined towards the project. <br />They are concerned about the feasibility of <br />the project and requested an economic <br />analysis showing how the project will <br />generate the income needed to succeed. <br />Mr. Faccenda noted that the Commission <br />has gone on record that they will only work <br />with one developer at a time for any piece <br />of property, so there will be no competition <br />for the next several weeks or months on this <br />project. <br />d. Staff report on acquisition of property in <br />the Sample Ewing Development Area. <br />Mr. Jon Hunt explained that the staff has <br />received a counter offer from Hydronic and <br />Steam Equipment Company, Inc. for their <br />property at 503 E. Ohio Street. The counter <br />offer includes the purchase price for the <br />building, adjacent lots, immovable fixtures, <br />proposed relocation amount, and a purchase <br />offer for land at the northeast corner of <br />Main and Garst in the Studebaker Corridor. <br />The proposal from Hydronic and Steam <br />Equipment is that the Commission pay <br />$124,755 for the real estate and immovable <br />fixtures; $60,945 for moving their fixtures <br />and a reestablishment payment of $9,300 for <br />a total fixed relocation payment of $70,245. <br />In addition, the counter offer proposes <br />purchasing Disposition Parcel 8 for $5,000. <br />They would construct a one -story, 4,000 <br />In <br />