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South Bend Redevelopment Commission <br />Regular Meeting - May 15, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />purchase Parcel 2 consisting of 6.2 acres <br />for $35,000 an acre or a total of $217,000. <br />Panzica Development Corporation also <br />wants to assume the right and obligation to <br />purchase, within 24 months of occupancy <br />of Parcel 2, the adjacent 4.64 acre site <br />identified as Parcel 3 at a price of <br />$162,400 or $35,000 an acre. <br />Panzica Development Corporation has <br />submitted the required faithful <br />performance guaranty of 10 percent of the <br />purchase price ($37,940). <br />Panzica Development Corporation <br />anticipates the start of construction in early <br />June and to have the tenant occupy the <br />building by the end of 1998. <br />Panzica Development Corporation proposes <br />to construct a 60,800 sf facility for a <br />specific client. The structure will be a mix <br />of office and on -site technical space, which <br />is known as R & D Space in larger markets. <br />The design of the building will consist of a <br />modular structural steel frame, prestressed <br />colored concrete cladding and areas of glass <br />for a modern office -like appearance. <br />Panzica Development Corporation proposes <br />to purchase Parcel 2 and to perform a <br />phased take -down of Parcel 3 within 24 <br />months of Parcel 2 occupancy. Panzica <br />Development Corporation also wants a first <br />right of refusal on Parcels 4 and 5. If <br />Panzica Development Corporation is <br />unsuccessful with their current client, <br />V2 <br />