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South Bend Redevelopment Commission <br />Regular Meeting - January 19, 1996 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Project Schedule <br />The developer has proposed an extended time schedule from the typical <br />Commission project. The following represents the project schedule as proposed: <br />1. Staff - developer negotiations 12/15/95 <br />2. Developer public presentation 12/15/95 <br />3. Commission approval of proposal 1/19/96 <br />4. Airport Authority grants non - compete 2/96 <br />5. City approves Tax Abatement 2/96 <br />6. Contract for Sale of Land executed 2/96 <br />7. Preliminary plans submitted for design review 5/96 <br />8. Design review completed and approved 6/96 <br />9. Financing commitments obtained by developer 2/97 <br />10. Final plans & specs completed and submitted 4/97 <br />11. Building permit secured 7/97 <br />12. Construction start date 8/97 <br />13. Construction completed -open for business 9/98 <br />The proposal states, however, that Event #6, Contract for sale of land executed, <br />is conditioned upon the prior or simultaneous happening of Events #4 and #5, <br />Airport non - compete and tax abatement approvals. Additionally, the proposal <br />further conditions the project schedule if there is a delay in Events #4, #5, #6. <br />The proposal states that the actual date of the last of the Events #4, #5, #6 (if <br />after 2/29/96) would become the new base date to measure the subsequent <br />Events #7 -13 using the same number of months intervening each event in the <br />above project schedule. <br />Recommendation: The project schedule as listed in Events #1 -13 is acceptable with the <br />following additions and clarifications: Event #6, Contract, will be executed by all parties <br />on or before February 19, 1996, without regard to the timing of Events #4 and #5, <br />Airport Non - Compete and Tax abatement. The Contract will clearly state that the failure <br />by the Developer to gain the approvals necessary for Events #4 and #5 on or before April <br />30, 1996, shall cause the termination Contract and the return of the faithful performance <br />guaranty to the Developer. If there is a delay with Events #4 or #5, the date of the latest <br />event will become the new base of measure for Events #7 -13 of the project schedule, as <br />stated in the proposal, however, in no event shall Events #4 and #5 occur later then April <br />30, 1996. At that time, the Developer or the Commission may cancel the Contract. <br />-6- <br />