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(n c C Z) <br />South Bend Redevelopment Commission <br />Staff Report <br />Blackthorn Corporate Office Park — Option Extension Agreement <br />Prepared September 21, 2011 <br />The attached Option Extension Agreement would extend the expiration date of the <br />Option Contract by 3 years to 8/27/15. Under the original Option Contract entered into <br />8/27/07, CE Capital Group, LLC acquired an option for all the Commission owned <br />property for sale in the Blackthorn Corporate Office Park. The option fee paid by CE <br />Capital was $100,000. <br />Since entering into this Option Contract, South Bend and the rest of the country have <br />experienced a severe recession and turmoil in the real estate markets, both residential and <br />commercial. Very little new private business development has occurred in South Bend or <br />St. Joseph County over the last 3 years. We continue to believe CE Capital can <br />successfully market this property in an improved economic climate and recommend the 3 <br />year option extension. <br />