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South Bend Redevelopment Commission <br />Regular Meeting -September 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />continue ... <br />segmentation of the project and allocation of <br />funds that match with the projected <br />availability of funds as shown in the <br />documents presented. <br />(3) Staff report on disposition of property in <br />the Airport Economic Development Area. <br />Mr. Peterson noted that the Development <br />Agreement for the Blackthorn Hotel contains <br />a date by which the sale of land must close. <br />He informed the Commission that the <br />developer has experienced some delays in <br />getting financing for the project. Mr. <br />Peterson requested authorization to close the <br />transaction when the financing is complete. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission authorized staff to extend the <br />date specified in the Development <br />Agreement for closing on the sale of land and <br />authorized staff to proceed to closing when <br />financing arrangements are complete. <br />E. South Bend Medical Services District <br />There was no business in the South Bend Medical <br />Services District. <br />F. West Washington-Chapin Development Area <br />There was no business in the West-Washington <br />Chapin Development Area. <br />COMMISSION AUTHORIZED STAFF TO EXTEND <br />THE DATE SPECIFIED IN THE DEVELOPMENT <br />AGREEMENT FOR CLOSING ON THE SALE OF <br />LAND AND AUTHORIZED STAFF TO PROCEED TO <br />CLOSING WHEN FINANCING ARRANGEMENTS ARE <br />COMPLETE <br />17 <br />