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South Bend Redevelopment Commission <br />Regular Meeting - May 15, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />The purchase price is in the amount of <br />$100,000, which is $40,000 per acre. The <br />required faithful performance guaranty of <br />10 percent of the purchase price ($10,000) <br />has been submitted by Dennis Bamber. <br />Dennis Bamber would begin construction <br />within one year and complete his building <br />within two years of purchase as per the bid <br />specifications. Dennis Bamber anticipates <br />start of construction by June 1, 1999, and <br />completion by May 31, 2000. The staff <br />recommends accepting the proposal and <br />entering into a Contract for Sale of Land <br />with the understanding that the extension <br />of Ameritech Drive to Lot 10 would not be <br />completed until 1999. <br />Upon a motion by Mr. Faccenda, seconded COMMISSION APPROVED THE STAFF REPORT ON <br />by Mr. Blake and unanimously carried, the DISPOSITION OF PROPERTY IN THE AIRPORT <br />Commission approved the staff report on ECONOMIC DEVELOPMENT AREA <br />disposition of property in the Airport <br />Economic Development Area. <br />The second staff report received and <br />provided to the Commission was related to <br />the purchase offer from Panzica <br />Development Corporation. <br />Panzica Development Corporation intends <br />to purchase and develop Parcels 2 and 3 in <br />the Blackthorn Corporate Park, which are <br />part of Lot 4 and are identified on a <br />proposed minor subdivision presented <br />with the purchase offer. Panzica <br />Development Corporation proposes to <br />-8- <br />