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w <br />South Bend Redevelopment Commission <br />Special Meeting - October 27, 1998 <br />3. OLD BUSINESS (CONT.) <br />a. continued.... <br />as its corporate headquarters. The <br />purchaser is a not - for - profit enterprise and <br />anticipates being exempt from paying real <br />estate taxes. <br />Mrs. Kolata summarized the Letter of <br />Intent that was received last week. It <br />offered $20,000 per acre and requested <br />that certain information be made available <br />to the purchaser. The purchaser requested <br />that the seller's contract of sale be <br />executed no later than November 15, 1997 <br />and that the purchaser reserve the right to <br />cancel for whatsoever reason during the <br />Letter of Intent phase or the subsequent <br />contract phase prior to closing. The <br />contingencies listed in the Letter of Intent <br />were as follows: the seller provides <br />evidence of title satisfactory to the <br />purchaser; the purchaser must be satisfied <br />with the results of the soil tests undertaken <br />and the inspection of the property; the <br />purchaser must have obtained the <br />necessary permits to commence mass <br />excavation on December 1, 1997; close on <br />the property as early as November 15, <br />1997; or, the purchaser will have access to <br />the property to do the site work prior to <br />closing; or, the seller will undertake site <br />preparation work on behalf of the <br />purchaser according to the purchaser's <br />specifications. <br />The staff recommends allowing the <br />purchaser to do the site work prior to <br />closing; or, close on the real estate <br />H:\ HOME \CPHWPS \WPDATA \COMMSN\102797.MIN -2- <br />• <br />