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South Bend Pedevelcpment Commission <br />Rescheduled Regular Meeting - December 20, 1988 <br />6. NEW .BUSAMS (Cont.) <br />a« continued... <br />Mrs Kolata explained that items 6.a., <br />6.b., 6.c., and 6.d. are all related to <br />the Can - American South Bend Limited <br />p project in the East Bank <br />Can Am is scheduled to close on <br />their financing on December 22, 1988, and <br />there are a number of loose ends to be <br />cleared up before that. <br />The Fourth Amendment to Contract for Sale <br />of amends dates within the <br />Conixact. It provides for delivery of <br />the'Deed by December 22, 1988, payment of <br />the purchase price by December 30, 1988, <br />and start of construction by February 20, <br />1989. We will be delivering the deed to <br />the title company who will hold it until <br />the money is received. The time period <br />for construction will remain 15 months. <br />Another change to the Contract allows for <br />the developer to make encumbrances on the <br />property prior to the Comnission's <br />issuance of a certificate of Completion. <br />Mr. Nintz asked Mrs. Kolata to explain <br />why it is necessary to delay the start of <br />,construction. Mrs. Kolata explained that <br />is still negotiating some of the <br />ion contracts. <br />., iasecki asked what would happen if <br />the ROneY did not arrive by December 30. <br />Mr Kolata responded that the title <br />would continue to hold the deed. <br />�e itle company will not record the <br />or release the deed until the money <br />ft its asked what the purchase price <br />:was,.. o 'r_ the property. Mrs. Kolata <br />that the price was $300,000. <br />Mr. its asked what the Commission had <br />paid I for the land and if that was <br />-3- <br />