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South Bend Redevelopment Commission <br /> Regular Meeting—June 28, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (1) continued... <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 /> Mr. Varner asked how the Commission will <br /> place restrictions on the Redevelopment <br /> Authority property. Mr. Relos answered that <br /> 20 <br />