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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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1.11 Project Financing <br />JF +A Properties, Ltd. /CII, Manager, for the proposed County Mayo Irish Inn & Pub /South <br />Bend has arranged for 100% equity financing for this proposed Venture with its investment <br />partner, Parkhurst Development of West Vancouver, B.C., Canada, who currently is <br />participating in several real estate developments with JF +A Properties, Ltd. /CII and its <br />affiliates, and provides its equity investments through its merchant bank - R -Banx Capital <br />Corporation of Calgary, Alberta, Canada and the Toronto Dominion Bank (T.D. Bank) of <br />Toronto, Canada. <br />Parkhurst Development is controlled by a private family in Canada who has real estate <br />holdings worldwide and will function as an investment partner with JF +A Properties, <br />Ltd. /CII in this proposed Venture. JF +A Properties, Ltd. /CII will oversee the construction <br />with a U.S. Bank and Chicago Title Company functioning as our construction <br />disbursement entities during construction. JF +A Properties, Ltd. /CII will be solely <br />responsible for the management of the completed facility with its corporate officers and on- <br />site management team. <br />1.12 Project Schedule <br />Assuming that JF +A Properties, Ltd. /CII may receive a favorable hearing and approval by <br />the South Bend Re- Development Commission & Authority and its staff to our proposal to <br />purchase Lot #3 to develop County Mayo Irish Inn & Pub, and is able to effect a mutually <br />f agreeable Purchase Contract after such acceptance of our proposal, JF +A Properties, <br />Ltd. /CII is prepared to purchase the development site and immediately commence its <br />Contract Documents for all applicable approvals and competitive bidding. <br />It is anticipated that such development activities may be completed on or before early June, <br />2001, with construction commencing immediately thereafter insofar as financing has been <br />previously arranged. Construction and furnishing of County Mayo is anticipated to take <br />twelve (12) months due to the quality and finish casework involved in this Venture, with a <br />projected completion date in Summer, 2002. <br />1.13 Final Development Profile and Suhmission of Proposal Forms <br />This Preliminary Development Profile is intended to indicate JF +A Properties, Ltd. /CII's <br />interest in purchasing Lot #3 from the South Bend Re- development Commission & <br />Authority, while it completes its final Development Profile and Proposal Forms for formal <br />submission with all required attachments to the South Bend Re- Development Commission <br />& Authority ( "SBRC&A ")and its staff. <br />ES.7 <br />
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