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South Bend Redevelopment Commission <br />Special Meeting -April 11, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Airport Economic Development Area <br />(1) continued... <br />Sale of Land was entered into on June 23, <br />2006. The developer has yet to provide the <br />faithful performance guarantee in the amount <br />of $33,920, and the closing date of <br />August 24, 2006 set in the Contract for Sale <br />of Land has long since passed. Staff requests <br />permission to send notice to JF+A Properties <br />giving them thirty days to provide the <br />performance guarantee and proof of <br />financing, and setting a new closing date <br />sixty days from receipt of the letter. <br />Mr. Peczkowski asked why it has taken us so <br />long to get to the point of demanding <br />compliance. Mr. Inks responded that staff <br />maintained contact with the developer during <br />that time. Financing for the project was part <br />of a much larger financing package, <br />significantly bigger than this project. It was <br />a foreign financing. The developer kept <br />thinking they were close and closer to the <br />funds being available, but it never quite got <br />there. Staff feels we need to draw a line. If <br />they can't meet the deadline we'll add the <br />property to the option with Cressy & Everett <br />and make the property available to other <br />developers. <br />Upon a motion by Mr. King, seconded by <br />Mr. Peczkowski and unanimously carried, <br />the Commission authorized sending notice to <br />JF+A giving them thirty days to provide the <br />$33,920 performance guarantee and proof of <br />project financing, and requiring closing <br />within sixty days of the date of the letter. <br />COMMISSION AUTHORIZED SENDING NOTICE TO <br />JF+A GIVING THEM THIRTY DAYS TO PROVIDE <br />THE $33,920 PERFORMANCE GUARANTEE AND <br />PROOF OF PROJECT FINANCING, AND REQUIRING <br />CLOSING WITHIN SIXTY DAYS OF THE DATE OF <br />THE LETTER. <br />2 <br />