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South Bend Redevelopment Commission <br />Meeting - May 17, 1996 <br />6. NEW BUSINESS (Cont.) <br />c. continued.... <br />Park, Phase II. Precision Millwork & <br />Plastics Inc., a South Bend company, <br />proposes to construct a 20,000 sq.ft. <br />manufacturing building on the site. This <br />building would represent a 30% <br />expansion of their current facility located <br />on McGill Street. The company <br />anticipates an increase of three <br />permanent employees as a result of the <br />project. In addition, 13 permanent and <br />10 temporary employees would be <br />retained. Precision Millwork proposes <br />to purchase the site for $74,750, <br />($23,000 /acre for 3.25 acres) the listing <br />price for the property. A faithful <br />performance guaranty in the amount of <br />$7,500 has been submitted. There was <br />one contingency included in the proposal <br />due to existing conditions of the site. <br />The proposal requests that the <br />Commission pay up to one half of the <br />costs of excavation, soil costs or <br />transportation of soil to the site, not to <br />exceed $10,000. This request is similar <br />to others accepted by the Commission <br />and the dollar amount is not out of line <br />with the nature of the necessary site <br />improvements. There is a contingency <br />as follows: The requested amount of <br />$10,000 would be placed into escrow at <br />closing from the sale proceeds. <br />Redevelopment staff would direct <br />payments to be made from the escrow <br />fund upon receipt of proper invoices <br />from Precision Millwork. The escrow <br />fund would reimburse Precision <br />-5- <br />