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South Bend Redevelopment Commission <br />Regular Meeting -September 19, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) continued... <br />existence. Their financial statements indicate <br />a strong company. The development will be <br />a strong addition to the Oliver Industrial <br />Park. <br />Mr. Varner asked what the sales price has <br />been for other property sold in that industrial <br />park. Mr. Witwer didn't know, but will <br />provide that information. <br />In the absence of a performance guarantee, <br />Mr. Downes asked what recourse the <br />Commission has if they don't build what they <br />say. Mr. Inks responded that the Contract for <br />Sale of Land will stipulate that the land <br />returns to the Commission if the project isn't <br />completed within a certain period of time. <br />Ms. Jones said she would prefer they pay a <br />nominal amount. <br />Mr. King asked if the Contract for Sale of <br />Land will also require that they comply with <br />design requirements. Mr. Witwer responded <br />that it would. The final design must be <br />approved. <br />Mr. Downes asked who "will not be <br />responsible for any existing environmental <br />conditions" etc. Who is meant by "we?" Mr. <br />Witwer responded that the Commission sells <br />its land "clean." We believe that to be the <br />case for this land. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. King and unanimously carried, the <br />Commission accepted the proposal from <br />River Bend Hose Specialty, Inc./3G <br />9 <br />COMMISSION ACCEPTED THE PROPOSAL FROM <br />RIVER BEND HOSE SPECIALTY, INC./3G <br />PROPERTIES FOR PURCHASE OF LOTS 7 AND 8 IN <br />THE OLIVER INDUSTRIAL PARK FOR A NOMINAL <br />FEE <br />