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South Bend Redevelopment Commission <br />Special Meeting - October 27, 1998 <br />3. OLD BUSINESS (CONT.) <br />a. continued.... <br />Mrs. Kolata noted that the purchaser <br />agreed to submit $20,000 of earnest <br />money upon the execution of the contract <br />for sale of land. They also requested that <br />the seller pay a fee equivalent to five <br />percent of the total purchase price to the <br />purchaser's representative at the time of <br />the closing. In addition to the purchase <br />price of $20,000 per acre stated in the <br />Letter of Intent, a $50,000 contribution <br />was proposed for a not - for - profit group <br />such as: the Community Outreach <br />Program. The purchaser requests that the <br />seller add to the survey all trees greater <br />than eight inches in diameter. The <br />purchaser also has asked the seller to alster <br />the storm sewer easement to minimize the <br />impact on the trees. <br />Mrs. Kolata reported that the staff has had <br />discussions with Mr. Gries over the last <br />few days and a number of revisions to the <br />Letter of Intent have been suggested. <br />The purchaser has clarified that the <br />maximum height of the building will be 45 <br />ft not including the penthouse. <br />The purchaser's new Letter of Intent has <br />increased the purchase price to $28,125 <br />per acre but has dropped the voluntary <br />contribution. The purchaser has also <br />requested a right of first refusal on an <br />additional two acres of land. <br />H:\ HOME\CPHIPPS \WPDATA \COMMSN\102797.MIN -4- <br />