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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 COMMISSION APPROVED RESOLUTION No.2934 <br /> Mr. Alford and unanimously carried, the TERMINATING A CONTRACT FOR SALE OF LAND <br /> Commission approved Resolution No. 2934 FOR PRIVATE DEVELOPMENT BETWEEN <br /> JEFFCOURT,INC.AND THE SOUTH BEND <br /> terminating a Contract for Sale of Land for REDEVELOPMENT COMMISSION <br /> Private Development between JeffCourt, Inc. <br /> and the South Bend Redevelopment <br /> Commission. <br /> 6. NEW BUSINESS (CONT.) <br /> 5 <br />