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South Bend Redevelopment Commission <br />Regular Meeting -June 16, 2000 <br />6. NEW BUSINESS (CON'T) <br />o. continued... <br />Ms. Kolata referred to a memo from Mr. Rock, <br />dated June 16, 2000, in reference to Blackthorn <br />Corporate Park Lot 4P. On September 3, 1999 <br />the Redevelopment Commission approved a <br />proposal for sale of land to Crescent Michiana <br />Properties. The property is a 5.49 acre piece and <br />it was being sold for $233,325 or $42,500 an <br />acre. A draft Contract for Sale of Land was sent <br />to Crescent Michiana Properties in early <br />November 1999. The staff contacted the <br />company several times in order to get comments <br />on the draft Contract. Crescent Michiana <br />Properties has failed to respond to the draft <br />Contract. She stated that if another project came <br />forward, the Commission would like to consider <br />it, but since the property is tied up in an approved <br />Proposal for Sale of Land, it could not. The staff <br />recommends rescinding the approval. <br />Mr. Panciza, representing Crescent Michiana <br />Properties asked to explain Crescent Michiana's <br />position to the Commission. He stated that the <br />original plan was to build five (5) buildings <br />along the Crescent Circle Area, with spaces <br />ranging from 25,000 to 31,000 sq. ft. each, to be <br />used for the National Institute for Trial <br />Advocacy. The tenant decided that they wanted <br />to be closer to Notre Dame and, therefore; moved <br />into the Foundation Center complex. He noted <br />that the new master plan for lot 4P includes using <br />part of the property to increase the parking area <br />for the Associates. The other part will be used <br />for another spec building. <br />Mr. Panciza stated that Crescent Michiana has <br />Ic been waiting for the BDC to make a decision on <br />whether they will loan money for a 60,800 sq. ft. <br />18 <br />