Laserfiche WebLink
South Bend Redevelopment Commission <br />Special Meeting - August 20, 1997 <br />price of $1,575,000. The second change <br />proposes that the seller would be paid in <br />five installments. The first payment is to <br />be in an amount of $1,000 to be paid at <br />closing prior to September 1, 1997. The <br />remaining four payments would each have <br />a principal amount would be $393,500. <br />An interest charge of 4 %2 % would be <br />charged per annum. The interest charge <br />will be applied to the principal payment <br />each year on September 1 based upon the <br />unpaid balance. He also noted that the <br />interest charge would be paid first. <br />The third change states that the <br />Commission will fund the payments of the <br />purchase price with Tax Increment <br />Revenues which would include revenues <br />received from the sale of land in the <br />Airport Economic Development Area as <br />the payment is subject to annual <br />appropriation by the Redevelopment <br />Commission. <br />James Riggs stated that item 6.g. in the <br />counter offer states that the buyer and <br />seller agree that the buyer will pay to the <br />current farm lessee of the property an <br />amount not to exceed $20,000 for losses <br />and damage to the existing crop on the <br />parcel caused by construction activity at <br />the site. It will also allow the current farm <br />lessee access to the parcel to maintain and <br />harvest the undisturbed crop. <br />James Riggs also noted that the other <br />change included changing the date of <br />closing to a date prior to September 1, <br />1997. <br />H:\ HOME\ CPHIPPS \WPDATA\COMMSN\082097.MIN -2- <br />