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South Bend Redevelopment Commission <br />Regular Meeting - June 28, 1996 <br />Manier explained that there were a few <br />changes made since the original proposal. <br />Mrs. Manier noted that the purchase price <br />for Tract One, which is the southern <br />portion of Lot 1, is $25,000/an acre and <br />the parcel is approximately 3.78 acres in <br />size. Sycamore Knoll, Inc. proposes to <br />construct an event center on that parcel <br />and potentially, if the market conditions <br />are favorable, they plan to construct an <br />office building as well. The event center <br />is expected to be a catering facility for <br />businesses to rent receptions, or <br />programs. Mr. Gonderman hopes to have <br />some satellite communication system <br />installed to facilitate teleconferencing. <br />Mrs. Manier noted that the <br />Redevelopment Commission will be <br />facilitating the development by <br />contributing to the construction of a drive <br />that will allow access off of Nimtz and <br />Mayflower Road and will bring utilities to <br />the property. The agreement also <br />concerns the northern portion of Lot 1, <br />which Mr. Gonderman has the right to <br />purchase sometime within the next five <br />years in order to build an office building <br />on that parcel of land. <br />Mrs. Manier noted that there is an <br />exculator clause in the contract, that the <br />price goes up after three years and again <br />after four years, from $25,000 to <br />$30,000, then $35,000 an acre. The <br />agreement sets forth the obligations of the <br />parties with respect to the development of <br />the second tract. <br />Mr. Gonderman explained that Sycamore <br />-2- <br />