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South Bend Redevelopment Commission <br />Regular Meeting -April 3, 2009 <br />Mr. Alford and unanimously can-ied, the <br />Commission tabled Resolution No. 2576 <br />until the April 17, 2009 meeting. <br />(5) Real Estate Purchase and Site Work <br />Agreement with the 1100 Corporation and <br />the City of South Bend. <br />Ms. Kolata noted that the property to be <br />purchased by the Commission is 1100 Prairie <br />Avenue, the fo~7ner Studebaker Foundry. <br />The building contains approximately 450,000 <br />square feet and is located on 19.19 acres. <br />The property owner is The 1 l 00 Corporation <br />-Don Nuner is the principal of this <br />corporation. Underground Pipe & Valve, <br />Inc. is the tenant. <br />Terms of Purchase: <br />• Commission will purchase the property <br />for $1,625,000 with a credit of $129,560 <br />for a site in the Oliver Industrial Park. <br />The net purchase price will be <br />$1,495,440. <br />• The 1100 Corporation will purchase 6.32 <br />acres in the Oliver Industrial Park at a <br />price of $20,500 per acre. <br />• Commission agrees to pay costs <br />associated with ground compaction of the <br />Oliver Industrial Park site. <br />• The real estate closing on both properties <br />will take place within two days of all <br />conditions being met. The closing is to <br />take place by July 1, 2009. <br />• Underground Pipe & Valve will receive <br />$205,000 in relocation payments once the <br />move to the new location is complete. <br />• The existing building will be leased back <br />to The 1100 Corporation for $1 per <br />month until the move to the new building <br />is completed. <br />• A Groundwater Monitoring Access <br />