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�e A C 3) �U Community & Economic Development • lib 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 6it__ Subject: Hotel La Salle — Commercial Purchase Agreement Addendum Date: July 12, 2012 On June 14, 2011, the Commission approved a Commercial Purchase Agreement (Agreement) with Mavcon Properties, LLC, from Kalamazoo, Michigan. This Agreement gave Mavcon two 180 day inspection periods to determine the feasibility of rehabilitating the Hotel in to approximately 60 market rate apartments. Mavcon, at its own expense, has studied the architectural, engineering, and environmental condition of the Hotel, as well as a financing package that may include New Market and Historic Tax Credits. Mavcon has spent much time and effort to get construction estimates and pulling together a financing package. At the Commission's last meeting on June 28, an update was given that a 30 day extension was needed for Mavcon to present their findings. Attached is an Addendum to the Agreement, granting this 30 day extension to July 31, 2012. During the remainder of this month, Mavcon's findings will be analyzed, and a recommendation made. Staff requests approval of this Commercial Purchase Agreement Addendum, to allow time to study Mavcon's needs to move forward with their plans for the redevelopment of this key downtown landmark. What We Do Today Makes A Difference!