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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - June 25, 1999 <br />6. NEW BUSINESS (CONT.) <br />Robert Case, Economic Development <br />Specialist gave the following staff report. <br />He stated that a bid was received from <br />Dynamic Industries for purchase and <br />development of Lots 7 and 8 in the U.S. 31 <br />Industrial Park Subdivision. <br />The proposed purchase price is $269,500 <br />for the 7.7 acre site or $35,000 per acre. <br />Mr. Case stated that the proposed purchase <br />price does not meet the offering price of <br />$40,000 per acre. <br />Dynamic Industries did submit the <br />required faithful performance guaranty <br />of 10 percent of the purchase price <br />($26,900) and a schedule of <br />construction. Construction is expected <br />to begin in June 1999, with completion <br />by November 1999. <br />Dynamic Industries proposes to build a <br />50,000 sf metal building with <br />wainscoting. <br />Mr. Case stated that the metal building <br />is not allowed under the covenants and <br />all new buildings in the U.S. Industrial <br />Park Subdivision must be all masonry. <br />The staff recommends working with <br />Dynamic Industries on redesigning the <br />building to meets all design <br />requirements or assist them in finding <br />an alternative site. <br />HAWPDATA \COMMSN\062599.MIN 24 <br />