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South Bend Redevelopment Commission <br />Regular Meeting - August 7, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission accepted the proposal from A.C. <br />Rich & Company, Inc. in the amount of <br />$18,000 for purchase of Parcel 9A in the <br />Studebaker Corridor, subject to the <br />following: (1) A resolution with Air <br />Products Company of any necessary purchase <br />related to the project before closing of the <br />sale of land. (2) A. C. Rich & Company <br />needs to provide an acceptable timeframe for <br />financing. (3) The Deed and Title <br />conveyance must be consist with the <br />Commission's standard practice. (3) A <br />resolution between A.C. Rich & Company, <br />Inc. and American Electric Power regarding <br />the Waiver. (4) The Commission will allow <br />A.C. Rich & Company to use the site <br />temporarily until the terms of the final <br />Contract are approved by the Commission <br />(5) A.C. Rich & Company, Inc. would be <br />allowed to temporarily fence a portion of the <br />property. (6) A. C. Rich & Company needs <br />to provide the timetable for start and <br />completion of construction and any interim <br />agreements. (8) The staff will return to the <br />Commission for final approval of the <br />contract. <br />c. Commission approval requested for <br />Resolution No. 1627 of the South Bend <br />Redevelopment Commission Amending <br />Resolution No. 1258 entitled "Resolution <br />of the South Bend Redevelopment <br />Commission Establishing Certain Funds <br />and Accounts in Connection with the <br />HAWPDATA \C0MMSN\080798.MIN -14- <br />COMMISSION ACCEPTED THE PROPOSAL <br />FROM A.C. RICH & COMPANY, INC. IN THE <br />AMOUNT OF $18,000 FOR PURCHASE OF <br />PARCEL 9A IN THE STUDEBAKER <br />CORRIDOR, SUBJECT TO THE FOLLOWING: <br />(1) A RESOLUTION WITH AIR PRODUCTS <br />COMPANY OF ANY NECESSARY <br />PURCHASE RELATED TO THE PROJECT <br />BEFORE CLOSING OF THE SALE OF LAND. <br />(2) A. C. RICH & COMPANY NEEDS TO <br />PROVIDE AN ACCEPTABLE TIMEFRAME <br />FOR FINANCING. (3) THE DEED AND <br />TITLE CONVEYANCE MUST BE CONSIST <br />WITH THE COMMISSION'S STANDARD <br />PRACTICE. (3) A RESOLUTION BETWEEN <br />A.C. RICH & COMPANY, INC. AND <br />AMERICAN ELECTRIC POWER REGARDING <br />THE WAIVER. (4) THE COMMISSION WILL <br />ALLOW A.C. RICH & COMPANY TO USE <br />THE SITE TEMPORARILY UNTIL THE <br />TERMS OF THE FINAL CONTRACT ARE <br />APPROVED BY THE COMMISSION (5) A.C. <br />RICH & COMPANY, INC. WOULD BE <br />ALLOWED TO TEMPORARILY FENCE A <br />PORTION OF THE PROPERTY. (6) A. C. <br />RICH & COMPANY NEEDS TO PROVIDE <br />THE TIMETABLE FOR START AND <br />COMPLETION OF CONSTRUCTION AND <br />ANY INTERIM AGREEMENTS. (8) THE <br />STAFF WILL RETURN TO THE <br />COMMISSION FOR FINAL APPROVAL OF <br />THE CONTRACT <br />