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South Bend Redevelopment Commission <br />Regular Meeting -July 18, 2008 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(2) continued... <br />Upon a motion by Mr. Blake, seconded by <br />Dr. Varner and unanimously carried, the <br />Commission approved Substitute Resolution <br />No. 2478 approving and accepting a counter <br />offer for the acquisition of property in the <br />AEDA (18 Bendix Dr.) <br />(3) Commission approval requested for <br />Second Addendum to Option Contract <br />with CE Capital Group. <br />Mr. Witwer noted that the Second Addendum <br />adds two properties to the agreement, one of <br />which was omitted in the original agreement, <br />and one is the hotel site for which the <br />potential developer made no response by the <br />June 15 deadline set earlier this summer. <br />Staff recommends approval of the addendum. <br />Dr. Varner asked about the lot prices listed in <br />the contract. Mr. Witwer responded that we <br />had an assessment done in 2004 of the prices <br />we were then offering. The prices on the list <br />now are the result of that assessment. Cressy <br />will reassess whether the market can support <br />those prices now and adjust them <br />accordingly. They will bring a revised list of <br />prices to the Commission for approval. <br />Dr. Varner asked whether Cressy & Everett <br />is strictly the marketer of our property. Mr. <br />Witwer responded that they have options on <br />the property as well. <br />Upon a motion by Dr. Varner, seconded by <br />Mr. Blake and unanimously carried, the <br />COMMISSION APPROVED SUBSTITUTE <br />RESOLUTION NO. 2478 APPROVING AND <br />ACCEPTING A COUNTER OFFER FOR THE <br />ACQUISITION OF PROPERTY IN THE AEDA (18 <br />BENDIX DR.~ <br />COMMISSION APPROVED THE SECOND <br />ADDENDUM TO OPTION CONTRACT WITH CE <br />CAPITAL GROUP <br />29 <br />