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South Bend Redevelopment Commission <br />Regular Meeting — August 23, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />• Project excavation was to begin by <br />March 15, 2009, with construction <br />completed within 24 months and a <br />certificate of occupancy issued. <br />Mr. Nussbaum has followed the notification <br />process required by these agreements, and <br />Jeffcourt has failed to cure the defaults <br />within the 30 -day cure period. This <br />resolution terminates the agreements between <br />the Commission and Jeffcourt, and will allow <br />the property to be available for future <br />development. Staff requests your approval of <br />Resolution No. 2934. <br />Ms. Jones asked whether there are penalties <br />when a Contract for Sale is terminated. Mr. <br />Relos responded that they forfeit their <br />performance guarantee, in this case it is <br />$60,000. <br />Mr. Varner whether their might be an appeal. <br />Mr. Nussbaum responded that Jeffcourt has <br />not responded to any of our communications. <br />He would be surprised if they would contest <br />the Commission's action. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2934 <br />terminating a Contract for Sale of Land for <br />Private Development between JefflCourt, Inc. <br />and the South Bend Redevelopment <br />Commission. <br />5 <br />COMMISSION APPROVED RESOLUTION No. 2934 <br />TERMINATING A CONTRACT FOR SALE OF LAND <br />FOR PRIVATE DEVELOPMENT BETWEEN <br />JEFFCOURT, INC. AND THE SOUTH BEND <br />REDEVELOPMENT COMMISSION <br />