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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> D. Airport Economic Development Area <br /> (8) continued... <br /> the right-of-way is $271,073.50 including all <br /> closing costs. The purchase will be handled <br /> through an Addendum to the Agency <br /> Agreement we have with the Board of Public <br /> Works. Staff recommends approval of the <br /> Addendum. <br /> Mr. Varner questioned the timeline for <br /> completing the road. Mr. Schalliol answered <br /> that the city is acquiring the right-of-way and <br /> completing constructions plans up to 60% so <br /> that when an interchange is built at Adams <br /> Road, we'll have the land corridor necessary. <br /> Mr. Varner asked what if the interchange is <br /> never built. Mr. Schalliol responded that <br /> won't extend Olive Rd if the interchange is <br /> never built. <br /> Mr. Inks said that construction of the <br /> interchange is dependent on development. <br /> With some major projects there is enough <br /> lead time to get state involvement for funding <br /> for the interchange. That's where the state is <br /> now. The Indiana Economic Development <br /> Corporation has looked at this, expressed <br /> interest, but said until we have a project with <br /> significant investment and jobs, they're not <br /> going to put any money in. So, at this point, <br /> we're waiting for that significant project. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2891 <br /> Mr. Alford and unanimously carried, the APPROVING AND AUTHORIZING THE EXECUTION <br /> Commission approved Resolution No. 2891 OF AN ADDENDUM TO THE MASTER AGENCY <br /> AGREEMENT(ADAMS ROAD ESTATES LAND <br /> approving and authorizing the execution of PURCHASE) <br /> an Addendum to the Master Agency <br /> Agreement (Adams Road Estates Land <br /> Purchase) <br /> 48 <br />