HomeMy WebLinkAboutagenda report 2015 0212 rdc 06d3ITEM: 6.D.(3)
�SpUT$
Department of
CR Community Investment
1865
Memorandum
Monday, February 09, 2015
TO: Redevelopment Commission
FROM: Chris Fielding
SUBJECT: Airport Authority/ Blackthorn Golf Course
Staff brought forward a Purchase Agreement that was approved for the sale of Blackthorn
Golf Course on 1/15/2015. As required bythe Revenue Sharing Agreement of 1992 between
the Redevelopment Authority and the Airport Authority, the sale was also approved by both
the Joint Committee and the Airport Authority. We are set to close with Acquisitions Group,
LLC on or after 2/23/2015.
In 1992 the Airport Authority contributed 189 acres to the City to partner in the building of the
golf course. The theme of the original agreement was to decide how future revenues and
profits of the course would be split between the entities. With a R01 having never been
achieved, conversations in regards to the proposed sale focused upon how they would be
reimbursed for the land.
In the disposition of the Golf Course we have negotiated a sum of $1000 per acre to be paid
to the Airport Authority for a total of $189,000. They have agreed to split the costs of the 2
appraisals with the RDC for approximately $6,700.
Staff is requesting approval of these terms with funds to be disbursed from closing.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV