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6 '} • <br />South Bend Redevelopment Commission <br />Regular Meeting - March 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />y. continued... <br />purchase the site on Michigan Street —a <br />portion of the Dreisbach <br />property— beginning at the northwest corner <br />of the site and having 287 feet of frontage on <br />Michigan Street and 161.5 feet of frontage <br />on South Street. The size of the site is <br />slightly over 1 acre. The purchase price is <br />$4.00 a sf ($185,400). Redevelopment will <br />pay SSP Properties $270,000 for the lot on <br />Monroe and Lafayette Streets, which is the <br />purchase price that SSP Properties paid for <br />the site, plus costs incurred related to <br />relocating the building plan and building to <br />the new site at Michigan and South. The <br />purchase offer was in the amount of <br />$270,000 and SSP Properties has accepted <br />that amount. <br />Redevelopment agrees to pay SSP <br />Properties' additional costs and SSP <br />Properties will provide invoices for all of the <br />additional costs. Redevelopment will pay <br />for the demolition of the Dreisbach building. <br />SSP Properties requested that it receive a <br />cleared, environmentally clean and certified <br />parcel. These agreements are contingent <br />upon the Social Security Administration and <br />the General Services Administration <br />approval. The deadline for the approval of <br />each party involved in this transaction is <br />April 30, 1998, with a simultaneous closing <br />to occur by June 30, 1998. <br />It is estimated that the Dreisbach building <br />demolition will be completed sometime in <br />May 1998. All of the terms of this <br />-26- <br />