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South Bend Redevelopment Commission <br /> Regular Meeting—September 13, 2012 <br /> has asked us what our opinion was on each of <br /> these issues. We exercise that opinion by <br /> executing this estoppal certificate, advising <br /> them of what the status of the property is. <br /> Mr. Inks added that the bottom line is that <br /> there are no defaults on the contract that run <br /> with the land. There are issues that will <br /> remain with the original purchaser of the <br /> property. <br /> Mr. Davis asked what was the city's interest <br /> in the sale of this property, besides jobs. Mr. <br /> Inks responded that in order to get the A.J. <br /> Wright development in South Bend, the <br /> Redevelopment Commission acquired <br /> several properties and businesses on that site. <br /> Those were then sold to A.J. Wright, which <br /> built its facility there. The sale was through <br /> the Contract for Sale agreement. That <br /> agreement had certain requirements of A.J. <br /> Wright, including requirements of a certain <br /> building size and number of jobs. None of <br /> those particular items run with the land. <br /> Those are particular to A.J. Wright. The city <br /> has been receiving penalty payments from A. <br /> J. Wright for the lack of jobs since it closed <br /> operations. Those penalties are the <br /> responsibility of A.J. Wright and will still be <br /> due the city. The estoppel is only certifying <br /> that there are no other defaults under the <br /> contract for sale that would run with the land. <br /> So any prospective purchaser would be <br /> getting a clean title for the land. <br /> Mr. Davis wondered whether there is a <br /> prospective buyer for the property. Mr. Inks <br /> responded that it would be unusual for A.J. <br /> Wright or TJX to request this certificate <br /> without someone being interested in the <br /> property. <br /> 17 <br />