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South Bend Redevelopment Commission <br />Regular Meeting - January 19, 1996 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Airport Non - compete <br />As stated above with regard to both the Faithful Performance Guaranty and the <br />Project Schedule sections, the failure by the Developer to secure the Non - <br />compete from the Airport Authority on or before April 30, 1996 would cancel this <br />proposal and the resulting Contract for Sale of Land and cause the full refund of <br />the performance guaranty. <br />Redevelopment Non - compete <br />The Commission will establish a non - compete covenant, with respect to the land it <br />owns or may acquire, within the Airport Economic Development Area, with the <br />Developer, based on the terms and conditions of the Airport's non - compete <br />(exclusive of any terms regarding compensation paid by the Developer). This <br />represents the full extent of any commitments the Commission can and will make <br />with respect to hotel development within the Airport Economic Development <br />Area. <br />Tax Abatement <br />As stated above with regard to both the Faithful Performance Guaranty and the Project <br />Schedule sections, the failure by the Developer to secure the tax abatement on or before <br />April 30, 1996, would cancel this proposal and the resulting Contract for Sale of Land <br />and cause the full refund of the performance guaranty to the Developer. <br />Bypass Interchange <br />As mentioned previously in the section Faithful Performance Guaranty, the <br />Commission requires that the State of Indiana commit funds sufficient for the construction <br />of the Bypass Interchange project. Without a commitment from the State of Indiana at <br />this level of funding, the Commission cannot commit to construction of the interchange. <br />Financing <br />The proposal did not include some of the required financial information regarding the <br />applicant and the proposed members of a yet to be formed joint venture. This <br />information must be provided to staff prior to the execution of the Contract for Sale of <br />Land. Receipt of this information is a condition of the acceptance of this proposal. <br />Evidence of satisfactory financing must be provided to the Commission prior to the actual <br />transfer of ownership of the property. <br />-12- <br />