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South Bend Redevelopment Commission <br />Regular Meeting —April 12, 2011 <br />had until 9 /7/10 to construct a 50,000 s.f. <br />flex -space industrial building on the <br />property. Raitt has not constructed the <br />building within the allowed time frame. Mr. <br />Meteiver spoke to Erick Guerra of Raitt in <br />October 2010 and asked what was happening <br />with the property. Mr. Guerra replied that <br />they were not able to move forward with <br />construction at this time but were still <br />working on obtaining leases for the <br />development and that he would like to <br />request an extension. Mr. Guerra also <br />informed Mr. Meteiver that he has moved to <br />Boca Raton Florida but he planned to be in <br />South Bend every month or so to conduct <br />business. <br />On January 3, 2011 Mr. Meteiver received a <br />letter dated 12/14/10 requesting a two year <br />extension to the Contract for Sale of <br />Land. After the first of the year Mr. <br />Meteiver requested a meeting with Mr. <br />Guerra to discuss their request. To date he <br />has not responded to this request. The staff <br />has discussed the request and it is the staff's <br />opinion that we should not agree to the <br />extension but rather enforce the parts of the <br />Contract that allow us to get the property <br />back and remarket it. <br />The process for getting the land back requires <br />a Notice of Default letter from our attorney <br />(following Commission authorization) giving <br />Raitt 30 days to transfer title back to the <br />Commission. The Commission would need <br />to pay Raitt the purchase price of $114,750 <br />plus pay closing costs of approximately <br />$1,000. If Raitt did not deed the property <br />back to the Commission within the 30 day <br />time period, our attorney would go to court to <br />get the property back. Staff requests the <br />Commission grant authority to the staff to <br />21 <br />