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South Bend Redevelopment Commission Regular Meeting—November 24, 2014 Mr. Varner inquired about their timeline and any foreseeable obstacles. Mr. Ryan replied their goal is to have the plans and permits ready by the end of March, 2015 and does not 1 anticipate any major issues. Mr. Inks inquired about the number of apartments and basement use. Mr. Ryan replied there would be approximately 67 market rate apartments. The basement holds the old boilers which will not be removed, but would also include storage spaces for residents. Completion of the project is estimated for late summer of 2016. Upon a motion by Ms. Schey, seconded by Mr. Varner, and unanimously carried, the Commission approved the Development Agreement with RealAmerica for the LaSalle Hotel. (4) Staff report on disposition of property (Blackthorn Golf Course) Mr. Fielding noted the Blackthorn Joint Committee on November 19, 2014 approved the sale of the Blackthorn Golf Course to Acquisition Group, LLC for$1,655,000 and the Airport Board approved the sale on November 20, 2014. The Airport Board's approval included one stipulation: to review and approve the contract for sale and deed prior to the _ full execution of documents and closing to ensure the minimum maintenance standards and the stipulation requiring that it remain an 18-hole golf course. Clarification was made that the monies in the Operating Fund would revert back to the Redevelopment Commission and a clause would be added to the agreement requiring the City's approval for any resale of the course occurring within the next three years. Upon a motion by Ms. Schey, seconded by Mr. Inks and unanimously carried, the Commission approved the terms of the disposition of the property. (5) Staff update Mr. Fielding noted the City's current building inventory is unsuitable for the needs of most Y businesses it is working with. Staff has been in discussion with multiple developers in town who are interested in building spec facilities. This arrangement would provide easily flexible space within a ninety day period, increasing the opportunity to win future economic development attraction projects. Staff has received a proposal from Holladay Corporation for a 200,000 square foot industrial building in the Ameriplex industrial park, which could be used for advanced manufacturing or distribution and is expandable to 300,000 square feet. Holladay would most likely come to Council for tax abatement consideration. No TIF money would be put into the building. Instead, a declining master lease would be entered into with the Commission being responsible for 100% in year one, dropping 20% each year, with the maximum Commission investment being $1.6 million over a five year period. The Commission's obligation would also cease immediately once a credible lease tenant is secured. 4