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South Bend Redevelopment Commission <br />Regular Meeting - September 16, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />as an informal working agreement. <br />Panzica's preliminary proposal on the site <br />has now been selected by the tenant for final <br />consideration and they are now completing <br />construction plans and financing plans to <br />make a comprehensive proposal to the user. <br />The user's proposal assessment and approval <br />process takes approximately seven months. <br />Mrs. Kolata noted that the offer is made <br />subject to the following conditions: 1) <br />execution of a lease with the tenant or <br />tenants for whom the site is proposed; 2) <br />procurement of acceptable financing; 3) <br />furnishing of the survey and phase one <br />environmental report by the seller, certifying <br />that the property is free of contamination; 4) <br />issuance of a building permit for the <br />proposed improvements; and 5) certification <br />by the seller that the site is free of buried <br />obstructions, rubble, debris, or abandoned <br />foundations or information establishing the <br />known location and extent of such <br />foundations, rubble, or debris to the <br />satisfaction of the developer; 6) this offer <br />to remain open and in effect for a period of <br />215 days from the month and day written <br />below as necessary for the prospective <br />tenant to complete the proposal procurement <br />process; 7) payment terms will be $160,000 <br />cash at closing less refundable performance <br />guarantee with the balance of $80,000 to be <br />paid in four equal, annual installments of <br />$8,000 with the balance of $48,000 to be a <br />balloon payment due 60 months from the <br />date of closing; 8) Property taxes through <br />M <br />