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South Bend Redevelopment Commission <br />Regular Meeting - September 20, 1996 <br />6. NEW BUSINESS (Cont.) <br />f. continued.... <br />Mrs. Kolata noted that this is a vacant <br />Lot at 505 W. Washington. There were <br />two bids received for this property. Both <br />bids were over the minimum purchase <br />price: the one from Dennis Emery was for <br />$13,300 and the one from Lex <br />Investment, Inc. was in the amount of <br />$16,500. The bid specifications required <br />that the lot be used for a parking lot and <br />that landscaping be planted between the <br />side walk and parking area. These were <br />the two major requirements. Both <br />proposals addressed this, the proposal <br />from Lex Investment Inc. was complete. <br />The proposal from Dennis Emery was <br />missing the number of parking spaces, a <br />construction schedule, and a firm <br />financing commitment. The difference <br />between the two proposals is that if <br />Dennis Emery were to purchase the <br />property to use for his apartment building <br />that is east of the lot, he would require a <br />curb cut on Washington Street. If Lex <br />Investment Inc. were to purchase the lot <br />they would be able to use the current <br />drive located on their property that is <br />west of the lot. The current drive goes to <br />the back of Lex Investment's property <br />where they have a parking lot that has <br />fifteen spaces. <br />Mrs. Kolata noted that she drove through <br />the block, around and down the alleys <br />and through a couple of lots that are in <br />that block. Mrs. Kolata stated that to the <br />west of 509 W. Washington, which is the <br />property owned by Lex Investments Inc., <br />-17- <br />