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South Bend Redevelopment Commission
Staff Report
Blackthorn Corporate Office Park — Option Extension Agreement
Prepared September 21, 2011
The attached Option Extension Agreement would extend the expiration date of the
Option Contract by 3 years to 8/27/15. Under the original Option Contract entered into
8/27/07, CE Capital Group, LLC acquired an option for all the Commission owned
property for sale in the Blackthorn Corporate Office Park. The option fee paid by CE
Capital was $100,000.
Since entering into this Option Contract, South Bend and the rest of the country have
experienced a severe recession and turmoil in the real estate markets, both residential and
commercial. Very little new private business development has occurred in South Bend or
St. Joseph County over the last 3 years. We continue to believe CE Capital can
successfully market this property in an improved economic climate and recommend the 3
year option extension.
OPTION EXTENSION AGREEMENT
THIS OPTION EXTENSION AGREEMENT is made on June 2011 by
CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, ACTING BY
AND THRPOUGH THE SOUTH BEND REDEVELOPMENT COMMISSION (the
"Seller ") and CE CAPITAL GROUP,LLC (the "Purchaser ").
Seller and Purchaser entered into an OPTION CONTRACT on August 27, 2007 whereby
Purchaser was granted an option from that date for a period of five years concerning the
purchase of certain real property located in Blackthorn Corporate Park.
The parties now wish to extend the Option Period referenced in paragraph 2 of the
OPTION CONTRACT for an additional period of three years upon the same terms and
conditions as set forth in the original agreement between the parties. The new expit•ation
date of the OPTION CONTRACT shall be August 27, 2015.
All other terms and conditions in the original OPTION CONTRACT remain unchanged
and are hereby reaffirmed.
SELLER
CITY OF SOUTH BEND OF REVELOPMENT,
ACTING BY AND THROUGH THE
REVELOPMENT COMMISSION.
By:
Its President
PURCHASER
CE CAP GR P` By:
George Cressy
Its Manager
OPTION EXTENSION AGREEMENT
THIS OPTION EXTENSION AGREEMENT is made on June _, 2011 by
CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, ACTING BY
AND THRPOUGH THE SOUTH BEND REDEVELOPMENT COMMISSION (the
"Seller ") and CE CAPITAL GROUP,LLC (the "Purchaser ").
Seller and Purchaser entered into an OPTION CONTRACT on August 27, 2007 whereby
Purchaser was granted an option from that date for a period of five years concerning the
purchase of certain real property located in Blackthorn Corporate Park.
The parties now wish to extend the Option Period referenced in paragraph 2 of the
OPTION CONTRACT for an additional period of three years upon the same terms and
conditions as set forth in the original agreement between the parties. The new expiration
date of the OPTION CONTRACT shall be August 27, 2015.
All other terms and conditions in the original OPTION CONTRACT remain unchanged
and are hereby reaffirmed.
SELLER
CITY OF SOUTH BEND OF REVELOPMENT,
ACTING BY AND THROUGH THE
REVELOPMENT COMMISSION.
By:
Its President
PURCHASER
CE CAP GR P,L
By:
George Cressy
Its Manager
OPTION EXTENSION AGREEMENT
THIS OPTION EXTENSION AGREEMENT is made on June , 2011 by
CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, ACTING BY
AND THRPOUGH THE SOUTH BEND REDEVELOPMENT COMMISSION (the
"Seller ") and CE CAPITAL GROUP,LLC (the "Purchaser ").
Seller and Purchaser entered into an OPTION CONTRACT on August 27, 2007 whereby
Purchaser was granted an option from that date for a period of five years concerning the
purchase of certain real property located in Blackthorn Corporate Park.
The parties now wish to extend the Option Period referenced in paragraph 2 of the
OPTION CONTRACT for an additional period of three years upon the same terms and
conditions as set forth in the original agreement between the parties. The new expiration
date of the OPTION CONTRACT shall be August 27, 2015.
All other terms and conditions in the original OPTION CONTRACT remain unchanged
and are hereby reaffirmed.
SELLER
CITY OF SOUTH BEND OF REVELOPMENT,
ACTING BY AND THROUGH THE
REVELOPMENT COMMISSION.
By:
Its President
PURCHASER
CE CAPIT OUP,LLC
By:
George Cressy
Its Manager