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South Bend Redevelopment Commission <br />Regular Meeting —,tune 28, 2011 <br />preliminary plans are ten townhomes with <br />river views, and two potential commercial <br />sites (one at both the north and south end). <br />The Commission accepted these preliminary <br />Plans, and authorized staff to proceed with <br />the Contract for Sale of Land and final site <br />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 <br />of the development <br />• Items precedent to closing include: <br />• Proof of financing <br />• Commission approval of the final site <br />plan and development specifications <br />• View rights agreement <br />• Favorable environmental conditions <br />• 36 month construction period for ten <br />river view townhomes <br />• Restrictions for use of property (as <br />detailed in the final site plan) <br />• Liquidated damages for default <br />(payment of $339,500) <br />• Title reinvestment upon certain <br />events. <br />Staff requests Commission approval of the <br />Contract for Sale, contingent on attorney <br />review of the final language. <br />Mr. Varner asked if the City owned the <br />property across the Emporium parking lot <br />across the street from this development lot. <br />Mr. Relos responded that the Emporium <br />owns its parking lot and the Redevelopment <br />Authority owns a parking lot (also used by <br />the Emporium) just north of the Emporium's <br />lot. <br />18 <br />