RM 10-09-87 - Laserfiche WebLink

Home Browse Search

South Bend Pedevelopment Commission Regular Me ing - October 9, 1987 5. OLD BUSINESS (Cont.) a. (-�ominuea... Mrs. Kolata explained that she had met with Ms. Kieffer, Brad Zimpelman, Hedy Robinson and Ms. Schwartz and that they had agreed to an arrangement similar to a lease whereby they would make monthly pa ents which would be applied toward the purchase price. The payments would begin November 1, 1987, and would be $275 per month for the first 12 months, $400 per month for the second 12 months, $550 per month for the third year, and approximately a $6,000 balance at the end of that third year. If at any time during the three year period they are suc essful in securing finacing for the project, they would pay the remainder of the $20,000 purchase price at once. TheY have agreed to a timetable for the ren vation: Phase I, the antique store, wou d be started November 1987 and com leted in June 1988; Phase II, the apartments, would be started in February 1989 and completed in August 1989; and Phase III, the deli, would be started in April 1990 and completed in October 1990. This plan coincides with the terms of the Con ract for Sale of Land which gave them three years from the date of acquiring title to complete renovation. This arrimgement would require an amendment to the Contract to give them three years from the date the agreement is signed to co fete renovation instead of three years from the conveyance of title. They wou d be required to obtain insurance on the property, with the City and the Redevelopment Commission named as co-insureds. The partnership understands that if they do not meet the time schedule or are unable to make payments they stand to lose the property. Ms. Auburn commended Ms. Kieffer and the Kie fer- Zimpelman Partnership for the determination they have shown in overcoming the obstacles which have fru trated this project. -3-