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South Bend Redevelopment Commission <br />Regular Meeting –March 5, 2010 <br /> <br />(former Rink Riverside site) <br /> <br />Mr. Relos noted that on February 19, 2010, <br />David Matthews with East Bank South Bend <br />Development, LLC, submitted a <br />development proposal for the Rink site at the <br />corner of east Colfax and Sycamore streets. <br />His proposal included eight riverfront units <br />and two facing south along the northeastern <br />property line. The Commission accepted the <br />proposal and authorized staff to write a <br />Contract for Sale with final site plans and <br />design specs for the development. <br /> <br />Upon further site and market analysis, Mr. <br />Matthews felt unsure how the northeastern <br />section of the property could best be utilized. <br />If the market will support two condominiums <br />without a river view, the plans as previously <br />stated will move forward. If a better fit <br />would be retail, or retail with living space <br />above, then that use would be incorporated. <br />Because of these questions, Mr. Matthews <br />requested that the contract and its 36 month <br />completion date pertain to the eight riverfront <br />units only, with the understanding that he <br />will develop the northeast corner to its best <br />use based on demand. <br /> <br />The requirements in the Contract for Sale of <br />Land are: $10,000 sales price; proof of <br />financing and Commission approval of the <br />final site plan and development specifications <br />before closing; thirty-six month construction <br />period for eight (8) riverfront condominiums; <br />restrictions for use of property (as detailed in <br />the final site plan); liquidated damages for <br />default (payment of $337,500); and title <br />revestment upon certain events. <br /> <br />Staff requests Commission approval of the <br />Contract for Sale to allow the developer to <br /> 23 <br /> <br />