Laserfiche WebLink
7 <br /> Ai5���k eE'Ya <br /> % „� �%% Department of <br /> €^N�� , , Vie: • <br /> ��rFwcE��ti >, <br /> ', a:_ Community Investment <br /> 1865';;.:' <br /> Memorandum <br /> September 25, 2014 <br /> TO: Redevelopment Commission <br /> FROM: Chris Fielding, Director of Business Development <br /> SUBJECT: Blackthorn Golf Course Disposition Faithful Performance Guaranty <br /> As part of the disposition of the Blackthorn Golf Course, a 10% Faithful Performance <br /> Guaranty is required for a bid to be considered conforming. Because of the size of the <br /> potential bids, and the length of time the Guaranty could be held, certain potential <br /> bidders have asked if a personal guaranty would be considered. <br /> Per the published Notice of Intended Disposition of Property, the "guaranty sum may be <br /> in the form of a certified check, a cashier's check, or surety bond, letter of credit from a <br /> bank or trust company as approved by the Redevelopment Commission, or by other <br /> sufficient security, but the form, substance and terms of the performance guaranty must <br /> be approved as satisfactory by the Redevelopment Commission." <br /> Staff feels the attached Personal Guaranty, or one substantially in this form, meets the <br /> standard of "other sufficient security", and requests Commission approval of its "form, <br /> substance, and terms", including as a Corporate Guaranty subject to the Commission's <br /> counsel. <br /> Staff also requests that upon receipt of any guarantees received, they be able to <br /> determine if further investigation is required, and request financial statements to ensure <br /> there are adequate assets to cover the amount of the guaranty. <br /> 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV <br />