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South Bend Redevelopment Commission <br />Regular Meeting —May 31, 2012 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(2) continued... <br />Redevelopment Commission has been <br />interested in purchasing these properties for <br />approximately 20 -25 years because of their <br />strategic location in the redevelopment of the <br />former Studebaker Corridor and, now, <br />Ignition park and the Renaissance District <br />Project. The properties are owned by either <br />Hamilton Body Shop Inc. or Richard C. <br />Hamilton. <br />There are three properties in the vicinity of <br />the intersection of Lafayette and Sample. <br />The main property is the Body Shop on the <br />west side of Lafayette at 917 W. Lafayette. <br />The towing portion of the business is at 910 <br />S. Lafayette on the east side of the street. <br />The third property is an auto storage lot at <br />802 S. Lafayette, on the east side of the street <br />just north of Sample. The property at 802 S. <br />Lafayette is needed for the power sub - station <br />for the Renaissance District Project by <br />August 1, 2012. The properties at 910 and <br />917 S. Lafayette are located in the Ignition <br />Park planning area and long -term plans call <br />for their acquisition and relocation. Mr. and <br />Mrs. Hamilton are now interested in selling <br />all of these properties to the Redevelopment <br />Commission. The Purchase Agreement <br />outlines the terms that have been negotiated <br />over the past two months. <br />Purchase and Relocation of 802 and 910 S. <br />Lafayette: <br />• Purchase price of $120,000 <br />• Administrative settlement of <br />$140,000 <br />17 <br />