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South Bend Redevelopment Commission <br /> Regular Meeting–September 25, 2014 <br /> I 6. NEW BUSINESS (CONT.) <br /> I <br /> I B. Airport Economic Development Area <br /> a <br /> (4) continued... <br /> 1 <br /> t <br /> policies, have not purchased such insurance in the past, but are looking into it. We intend to <br /> develop standard terms for indemnification on every deal and not be re-negotiated each <br /> time. <br /> i Mr. Relos noted we are also requesting permission to sign the Construction Management <br /> 1 Agreement and the deed for Lot 7 which we ask the Commission to sign. Staff will hold the <br /> I <br /> deed in our vault until needed for closing. <br /> 1 Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously carried,the <br /> Redevelopment Commission approved the Option to Purchase Agreement with Great Lakes <br /> Capital for Lot 7 in Ignition Park. <br />) <br /> i (5) Real Estate Purchase Agreement(Great Lakes Capital–Lot 7 Ignition Park) <br /> 8 <br /> Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously carried, the <br /> 1 Redevelopment Commission approved the Real Estate Purchase Agreement with Great <br /> 1 Lakes Capital for Lot 7 in Ignition Park as well as the corresponding Construction <br /> Management Agreement and authorizing the Commission to sign the deed for the property <br /> 1 and hold the deed in escrow until needed at closing. <br /> 1 <br /> 1 <br /> i <br /> (6) Environmental Indemnification Agreement (Great Lakes Capital–Lot 7 Ignition Park) <br /> a –pending final approval from Legal <br /> Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously carried, the <br /> 1 Redevelopment Commission approved the Environmental Indemnification Agreement- <br />, <br /> upon final Legal review—with Great Lakes Capital for Lot 7 in Ignition Park. <br /> 1 <br /> 1 <br />'s (7) Blackthorn Golf Course Disposition Faithful Performance Guaranty <br /> Mr. Fielding told the Commission we are getting comments from several of the entities <br /> t interested in bidding on Blackthorn Golf Course that standard disposition packet <br /> requirement of 10% deposit as a faithful performance guaranty is onerous. Given the <br /> 5 expected sales price exceeds $1.6M that could require bidders to put up over $160,000 each <br /> 3 and require the Commission to handle those monies for a possible extended period of time <br /> as the vetting process on the proposal process is undertaken. As an alternative, staff is <br /> requesting the Commission allow a 10%personal guaranty that the bidder has the capacity <br /> to follow through on the bid should they be awarded. <br /> Mr. Downes asked how staff is going to determine what backs up the personal guaranty. <br /> i <br /> 8 <br /> i <br />"r <br /> I <br />