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South Bend Redevelopment Commission <br />Special Meeting - August 20, 1997 <br />Ms. Kolata stated that the staff anticipates <br />that only half of the property will be <br />disturbed this year. Ms. Kolata noted that <br />Redevelopment's purchase offer was sent <br />simultaneously with a purchase offer from <br />Main Street Associates to purchase <br />fourteen acres also owned by the Doris J. <br />Park Revokable Trust. Each offer was <br />contingent upon the other. Ms. Kolata <br />noted that it is the staffs intention that <br />Main Street Associates will purchase <br />fourteen acres and the City of South Bend <br />will purchase the remaining 63 acres. She <br />also noted that these transactions will take <br />place simultaneously. <br />Ms. Kolata noted that Main Street <br />Associates will develop their fourteen <br />acres this year. Also, Redevelopment will <br />begin construction for road, water and <br />sewer improvements that will service the <br />fourteen acres and a portion of the <br />remaining 63 acres. <br />The staff recommends accepting the <br />counter offer and proceeding with the <br />closing. Mr. Faccenda stated that the total <br />purchase price is based on 63 acres at <br />$25,000 an acre. Ms. Kolata stated that <br />the property was subdivided for planned <br />road improvements. She also noted that <br />steps will be taken in the next few weeks <br />to have the property appraised for <br />disposition so that the land is available <br />later this year or early next year. She <br />noted that covenants and restrictions will <br />have to be developed to outline what type <br />of developments are wanted for the <br />property. The property is industrially <br />zoned land and has bypass access. It is <br />H:\HOME\CPHIPPS\WPDATA\COMMSN\082097.MIN -3- <br />