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South Bend Redevelopment Commission <br />Regular Meeting - December 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />o. continued.... <br />could be paid in full by the end of 1996. <br />The staff recommends approving the <br />counter offer. <br />Upon a motion by Mr. Hojnacki, <br />seconded by Mr. Hunt and unanimously <br />carried, the Commission accepted the <br />$28,000 counter offer and approved the <br />Agreement for Purchase and Sale of Real <br />Estate for property at 529 Crescent <br />Avenue. <br />7. PROGRESS REPORTS <br />Mrs. Kolata noted that "Downtown for the <br />Holidays" starts this weekend. The ceremony <br />: starts at 4:45 p.m. in front of the Morris Civic <br />Plaza and lighting of the Christmas tree is at <br />6:00 p.m. <br />Mrs. Kolata stated that there was an article in <br />yesterday's newspaper, acknowledging the <br />new Letter of Credit for the Hall of Fame <br />financing. This is estimated to save <br />approximately $90,000 per year in interest <br />costs. Mrs.Kolata credited Kevin Horton, <br />Jenny Pitts - Manier, and Randy Rampola from <br />Baker & Daniels, who did all the work on the <br />revised Letter of Credit. <br />Blackthorn —James Riggs gave a brief report <br />and showed some slides on the goals and <br />accomplishments in the Airport Economic <br />Development Area. In 1990 twenty year <br />targets were established for the Blackthorn <br />Development Area. It was projected that the <br />area would create 5,414 new jobs by 2010. <br />H:\ HOME \CPHWPS \WPDATA \COMMSNU 20696.1,,IN -17- <br />CONMSSION ACCEPTED THE $28,000 COUNTER <br />OFFER AND APPROVED THE AGREENIENT FOR <br />PURCHASE AND SALE OF REAL ESTATE FOR <br />PROPERTY AT 529 CRESCENT AVENUE <br />