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South Bend Redevelopment Commission <br />Regular Meeting –March 5, 2010 <br /> <br />6. NEW BUSINESS <br /> <br />C. South Bend Central Development Area <br /> <br />(3) continued… <br /> <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 />move forward with the redevelopment of this <br />property. <br /> <br />Mr. Downes asked Mr. Matthews how <br />presale of the units is progressing. Mr. <br />Matthews responded that he now has four <br />cash deposits for the eight units. He has yet <br />to do any marketing. People are excited. <br /> <br />Ms. Jones asked if he will still build a model <br />unit. Mr. Matthews responded that he will. <br /> <br />Mr. Varner asked what Mr. Matthews <br />anticipated would be a good commercial use <br />for that Sycamore/LaSalle corner. Mr. <br />Matthews responded that the first floor of <br />whatever is constructed on that site will not <br />have a great view. But first floor retail with <br />condos above could give the condos a river <br />view over the flat roofs of the riverfront <br /> 27 <br /> <br />