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& A- (() • r a n d u ni �vl;rr o Community & Economic Development r' 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 Plannax, Subject: Resolution No. 2934 — Termination of Contract for Sale of Land, First Amendment to the Contract, and Development Agreement - Jeffcourt Inc. Date: August 23, 2011 On April 12, 2011, the Commission authorized Richard Nussbaum II, Attorney -at -Law, to prepare notices of default for the Contract for Sale, First Amendment to the Contract, and Development Agreement with Jeffcourt, Inc, for the Commission owned lot at the northwest corner of Jefferson and St. Joe streets. As part of these agreements, Jeffcourt had certain obligations, which have not been met. Because these obligations have not been met, Jeffcourt is in default of the agreements. The two most noteworthy defaults are: • Property was to be closed on by December 15, 2008. • Project excavation to begin by March 15, 2009, with construction completed within 24 months and certificate of occupancy issued. Mr. Nussbaum has followed the notification process required by these agreements, and Jeffcourt has failed to cure the defaults within the 30 day cure period. This resolution terminates the agreements between the Commission and Jeffcourt, and will allow this property to be available for possible future development. Staff requests your approval of Resolution No. 2934, and the recording thereof. What We Do Today Makes A Difference!