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67 (y) <br />SpU TH 8F <br />%.2 Department of <br />Community Investment <br />1865 <br />Memorandum <br />December 12, 2013 <br />TO: South Bend Redevelopment Commission <br />FROM: David Relos, Economic Resources. <br />SUBJECT: Resolution No. 3185 <br />Hotel La Salle Release of Commercial Purchase Agreement <br />This staff report is for approval to release the Purchase Agreement (Agreement) with <br />Mavcon Properties, which was approved on June 14, 2011, and recorded on June 27, <br />2011. This Agreement was for the possible purchase and rehabilitation of the Hotel La <br />Salle, and allowed Mavcon two 180 day inspection periods to hire architectural, <br />engineering, and environmental consultants, as well as to put together a funding <br />package utilizing Historic and New Market Tax Credits. On July 12, 2012, an additional <br />60 day extension was granted. <br />According to the Agreement, Mavcon deposited $4,000 for their two 180 day inspection <br />periods, which per the Agreement were to be non - refundable if Mavcon did not move <br />forward after the first inspection period. Because both parties worked diligently during <br />and after the inspection periods, the return of the $4,000 deposit was approved on <br />December 4, 2012. <br />Because the Agreement was recorded, it must now be released. Resolution No. 3185 <br />allows staff to move forward with a Release of Commercial Purchase Agreement, which <br />when signed by both parties, will be recorded and release the original Agreement. <br />Staff requests approval of Resolution No. 3185. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />