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South Bend Redevelopment Commission <br />Regular Meeting - May 7, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />recently which the staff would like to present <br />to the Commission for their consideration. <br />Ms. Manier noted that the Kiefers and <br />Zimplemans were not able to come up with <br />the entire purchase price for the property, so <br />the Commission agreed to let them make <br />(essentially) rent payments and take <br />possession of the building. While they were <br />making payments, they were pursuing <br />permanent financing and spending their <br />personal funds to begin renovation. When <br />we declared them in default and executed the <br />documents to retake possession of the <br />property, we agreed to give them any <br />proceeds from the sale of the property in <br />order to help reimburse their out of pocket <br />expenses. Since we have been unjustly <br />enriched through this process, and in order to <br />avoid any cloud on the title when we want to <br />transfer it to new owners, we propose to <br />return the $18,700 cash (rent plus security <br />deposit) that they have paid to the City. In <br />return for that, the Kiefer- Zimpleman <br />Partnership has agreed to execute quit -claim <br />deeds for their interests in the property, <br />thereby eliminating the issue of a cloud on <br />the title. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission accepted the letter from Sandra <br />Kiefer, authorized counsel to prepare a quit- <br />claim deed and authorized payment to Kiefer - <br />Zimpleman Partnership for $18,700. <br />-7- <br />COMMISSION ACCEPTED THE LETTER <br />FROM SANDRA KIEFER, AUTHORIZED <br />COUNSEL TO PREPARE A QUIT -CLAIM <br />DEED AND AUTHORIZED PAYMENT TO <br />KIEFER- ZIMPLEMAN PARTNERSHIP FOR <br />$18,700 <br />