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1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Resolution No. 2649
Return of Deposit to Place Builders
Date: February 05, 2010
On September 5, 2008, the Commission accepted a proposal from Place Builders for the
development of the former Rink Riverside site. As part of their proposal, Place deposited
the sum of $15,000 as a faithful performance guarantee. Since development at the site did
not move forward, no contracts or agreements were signed with Place Builders.
In the past month, another developer has contacted the Department with a strong interest in
the site. Preliminary meetings have been held, site plans reviewed, and Staff hopes to
have a full presentation from the developer ready for the Feb 19 Commission meeting.
Staff has appreciated the time and effort Place Builders put forth in their efforts to
development this site, and looks forward to working with Place Builders on development of
other sites in the City. However, to facilitate moving plans forward with the new developer,
Staff requests the approval of the return of the Place Builder's deposit in the amount of
$15,000.
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RESOLUTION N0.2649
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE RETURN OF DEPOSIT
TO PLACE BUILDERS, INC.
WHEREAS, the South Bend Redevelopment Commission ("Commission"), governing
body of the City of South Bend Department of Redevelopment ("Department"), on September 5,
2008, was presented with a proposal from Place Builders, Inc., for the development of the former
Rink Riverside Printing site (the "Site") at the northwest corner of Colfax and Sycamore in the
South Bend Central Development Area in the City of South Bend, Indiana; and
WHEREAS, on September 5, 2008, Place Builders, Inc., did not have financing for the
development of the Site in place, but anticipated having that financing soon; and
WHEREAS, as an inducement to the Commission to accept its proposal for development
of the Site, Place Builders, Inc., offered to deposit and did deposit the sum of Fifteen Thousand
Dollars ($15,000.00) (the "Deposit") with the Commission, being 10% of the proposed purchase
price presented to the Commission; and
WHEREAS, the Commission accepted the proposal from Place Builders, Inc., for the
development of the Site; and
WHEREAS, after due diligence, Place Builders, Inc., has been unable to secure the
necessary financing for the development of the Site and has not commenced development of the
Site; and
WHEREAS, the Commission, having reviewed the circumstances of this proposed
development, finds that it is appropriate to withdraw its acceptance of the proposal from Place
Builders, Inc., and to return the Deposit to Place Builders, Inc.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby withdraws its acceptance of the proposal from Place
Builders, Inc., and authorizes the return of the Deposit to Place Builders, Inc.
2. The staff of the Commission is hereby authorized and directed to submit the
necessary requests in order to cause the return of the Deposit to be made.
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ADOPTED at a regular meeting of the South Bend Redevelopment Commission held on
February 5, 2010, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, IN
46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
Marcia Jones, President
South Bend Redevelopment Commission
ATTEST:
Nancy King, Secretary
South Bend Redevelopment Commission
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