No. 2649 authorizing the return of deposit to Place Builders, Inc.

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0 RESOLUTION NO. 2649 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE RETURN OF DEPOSIT TO PLACE BUILDERS, INC. WHEREAS, the South Bend Redevelopment Commission ( "Commission "), governing body of the City of South Bend Department of Redevelopment ( "Department "), on September 5, 2008, was presented with a proposal from Place Builders, Inc., for the development of the former Rink Riverside Printing site (the "Site ") at the northwest corner of Colfax and Sycamore in the South Bend Central Development Area in the City of South Bend, Indiana; and WHEREAS, on September 5, 2008, Place Builders, Inc., did not have financing for the development of the Site in place, but anticipated having that financing soon; and WHEREAS, as an inducement to the Commission to accept its proposal for development of the Site, Place Builders, Inc., offered to deposit and did deposit the sum of Fifteen Thousand Dollars ($15,000.00) (the "Deposit ") with the Commission, being 10% of the proposed purchase price presented to the Commission; and WHEREAS, the Commission accepted the proposal from Place Builders, Inc., for the development of the Site; and WHEREAS, after due diligence, Place Builders, Inc., has been unable to secure the necessary financing for the development of the Site and has not commenced development of the Site; and WHEREAS, the Commission, having reviewed the circumstances of this proposed development, finds that it is appropriate to withdraw its acceptance of the proposal from Place Builders, Inc., and to return the Deposit to Place Builders, Inc. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby withdraws its acceptance of the proposal from Place Builders, Inc., and authorizes the return of the Deposit to Place Builders, Inc. 2. The staff of the Commission is hereby authorized and directed to submit the necessary requests in order to cause the return of the Deposit to be made. (Balance ofpage intentionally left blank)