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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 />