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me m or �u <br />Community & Economic Development <br />IKS <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner" <br />Subject: River Race Townhomes Contract for Sale <br />Jefferson & Niles (Troegger site) <br />Date: June 28, 2011 <br />On June 14, 2011, the Commission was presented with preliminary development plans from <br />David Matthews with River Race Townhomes, LLC, for the Troegger site at the northeast <br />corner of Jefferson and Niles. Included in these preliminary plans are ten townhomes with <br />river views, and two potential commercial sites (one at both the north and south end). <br />The Commission accepted these preliminary plans, and authorized staff to proceed with the <br />Contract for Sale and final site plans and design specs for the development. <br />Highlights of the Contract are: <br />• $10 sales price <br />• No tax abatements sought for any part of the development <br />• Items precedent to closing include: <br />• Proof of financing <br />• Commission approval of the final site plan and development specifications <br />• View rights agreement <br />• Favorable environmental conditions <br />• 36 month construction period for ten river view townhomes <br />• Restrictions for use of property (as detailed in the final site plan) <br />• Liquidated damages for default (payment of $339,500) <br />• Title revestment upon certain events. <br />Staff requests Commission approval of the Contract for Sale, contingent on attorney review <br />of the final language, to allow the developer to move forward with the redevelopment of this <br />property. <br />What We Do Today Makes A Difference! <br />