RM 01-19-96 - Laserfiche WebLink

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South Bend Redevelopment Commission IV Regular Meeting - January 19, 1996 6. NEW BUSINESS (Cont.) a. continued... Dear Bill: This letter will serve as acknowledgement that the South Bend Redevelopment Commission accepted your proposal to purchase the 4.46 acre hotel site at Blackthorn Corporate Park, however, subject to certain conditions. The following items represent those conditions listed by issue. When an Event is described by number, it refers to the Events as listed in the Project Schedule included in the Modifications to Proposal letter dated December 8, 1995. Faithful Performance Guaranty The three circumstances identified in the proposal as providing for a refund of the Twelve Thousands ($12,000) performance guaranty submitted with the proposal are the following: (1) the Developer fails to procure the non - compete from the Airport Authority on or before April 30, 1996; (2) the South Bend Common Council fails to award a 10 -year real property tax abatement for the Project on or before April 30, 1996; (3) the State of Indiana fails to fund a grant to the City of South Bend by December 31, 1996, in an amount sufficient to construct the proposed Bypass interchange. Project Schedule The project schedule as listed in Events #1 -13 is acceptable with the following modifications: Event #6, Contract, will be executed by the Management Consortium, Inc. (or nominee, as described in the proposal) and the Commission on or before February 19, 1996, without regard to the timing of Events #4 and #5, Airport Non - Compete and Tax abatement. The Contract will clearly state that the failure by the Developer to to secure those items listed at Events #4 and #5 on or before April 30, 1996, shall cause the termination of the Contract and the return of the faithful performance guaranty to the Developer. If there is a delay in the satisfaction of Events #4 or #5, the date on which the later of these two events is competed will become the new base of measure for Events #7 -13 of the project schedule, as stated in the proposal, however, in no event shall Events #4 and #5 occur later then April 30, 1996. If there is a delay in the satisfaction of Events #4 or #5, the Developer or the Commission may cancel the Contract or agree to revised project schedule. Additionally, after Event #9, Financing commitments, but prior to Event #11, Building permit, the Developer and the Commission shall establish a time and place for the closing of transfer of property from the Commission to the Developer. -11-