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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 />• Moving costs $25,000 <br />• Re- establishment costs $25,000 <br />• Total of $310,000 — payable all at <br />time of closing <br />• Closing to take place by 6/30/12 <br />• 802 S. Lafayette to be vacated by <br />7/31/12 <br />• 910 S. Lafayette to be vacated by <br />3/31/13 <br />Purchase of 917 S. Lafayette: <br />• Purchase price of $200,000 <br />• Administrative settlement of <br />$150,000 <br />• Closing to take place by 3/31/13 <br />• Date of possession 6/30/14 <br />• Total of $350,000 (purchase price and <br />administrative settlement) payable at <br />closing <br />Relocation of 917 S. Lafayette: <br />• Moving costs of $90,000 <br />• Re- establishment costs of $200,000 <br />• Total of $290,000 (moving & re- <br />establishment) payable by 6/30/14 <br />• 917 S. Lafayette to be vacated by <br />6/30/14 <br />Grand total: $950,000 over three years <br />Staff recommends approval of this Purchase <br />Agreement. It provides for the immediate <br />purchase of the property needed for the <br />timely construction of the sub - station for the <br />18 <br />