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South Bend Redevelopment Commission <br /> Regular Meeting—September 27, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (1) continued... <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVEDTHE ENVIRONMENTAL <br /> Mr. Alford and unanimously carried, the AGREEMENT REGARDING REAL ESTATE WITH <br /> Commission approved the Environmental DATA REALTY. <br /> Agreement Regarding Real Estate with Data <br /> Realty. <br /> (2) Option Extension Agreement with CE <br /> Capital for Blackthorn Corporate Office <br /> Park. <br /> Mr. Inks noted that the Option Extension <br /> Agreement would extend the expiration date <br /> of the Option Contract with CE Capital by <br /> three years to August 27, 2015. Under the <br /> original Option Contract entered into August <br /> 27, 2007, CE Capital Group, LLC acquired <br /> an option for all the Commission owned <br /> property for sale in the Blackthorn Corporate <br /> Office Park. The option fee to be paid by CE <br /> Capital was $100,000. <br /> Since entering into this Option Contract, <br /> South Bend and the rest of the country have <br /> experienced a severe recession and turmoil in <br /> the real estate markets, both residential and <br /> commercial. Very little new private business <br /> development has occurred in South Bend or <br /> St. Joseph County over the last three years. <br /> We continue to believe CE Capital can <br /> successfully market this property in an <br /> improved economic climate and recommend <br /> the three year option extension. <br /> Mr. Doolittle provided a brief review of what <br /> has transpired over the last six years in the <br /> office/real estate market. The negative side <br /> 16 <br />