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South Bend Redevelopment Commission <br /> Regular Meeting—September 13, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> D. Airport Economic Development Area <br /> (2) Contract for Sale of Land for Private <br /> Development by and between the City of <br /> South Bend and the South Bend <br /> Redevelopment Commission and AJW <br /> South Bend Realty Corp. and the TJX <br /> Companies, Inc. (Estoppel Certificate). <br /> Mr. Meteiver explained that an estoppel <br /> certificate is requested when you have a real <br /> estate transaction and certain conditions that <br /> are attached to the property. In this case <br /> there are a number of conditions, some of <br /> which run with the land, and other conditions <br /> that bind only the current contracting party— <br /> TXJ in this particular case. In order to close <br /> the upcoming transaction, the purchaser <br /> needs to know the status of the property. <br /> We, as the contracting party to the <br /> conditions, have the best knowledge as to <br /> what the condition of the property is---what <br /> restrictions might be in violation or satisfied. <br /> We also know whether they run with the land <br /> or whether they are personal to TJX. TJX <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 /> 18 <br />