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South Bend Redevelopment Commission <br />Special Meeting - October 22, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />located in the Airport Economic <br />Development Area. Mrs. Kolata and <br />James Riggs spoke with a representative <br />of the purchaser. The Letter of Intent is <br />being revised because the purchaser is <br />now considering a site located at the end <br />of the cul de sac on Mayflower Road. <br />Mrs. Kolata stated that the Letter of <br />Intent is from Murdock Coll and <br />Lillibridge, Inc., out of Chicago, on <br />behalf of a to -be -named purchaser. The <br />purchaser intends to construct a 75,000 <br />sf to 85,000 sf, two or three -story <br />building on the property located on <br />Mayflower Road for use of its corporate <br />headquarters. <br />The purchaser is a not - for - profit <br />enterprise; therefore, the purchaser <br />anticipates being exempt from paying <br />real estates taxes. The purchaser has <br />submitted a purchase offer in the amount <br />of $20,000 per acre. They have <br />requested, in their proposal, a number of <br />documents and a due diligence period. <br />One of the provisions that the purchaser <br />included in the proposal is that the <br />purchaser shall have immediate access to <br />the property to conduct soil tests. The <br />purchaser requests to negotiate a contract <br />of sale, to be agreed upon and executed <br />no later than November 15, 1997. The <br />purchaser requests the right to cancel at <br />any time for any reason. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\102297.MIN -2- <br />