6C(1) Contract for sale of land with East Bank S.Bend Dev.

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6 C (I) • r a n • u m Soorx eF of ,P1i,i�,'t /i �o Community & Economic Development ...1865 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 ' Subject: Rink site Contract for Sale Addendum Date: October 15, 2010 On March 05, 2010, the Commission approved a Contract for Sale (Contract) of the former Rink site, at the corner of Sycamore and East Colfax streets, to East Bank South Bend Development, LLC. Highlights of the Contract were: • $10,000 sales price • Items precedent to closing include: proof of financing and Commission approval of the final site plan and development specifications • 36 month construction period for eight (8) riverfront town homes • Restrictions for use of property (as detailed in the final site plan) • Liquidated damages for default (payment of $337,500) • Title re- vestment upon certain events. This Contract, as has prior agreements for this site, called for the reinvestment of the sale proceeds back into the development. Per this Contract, the Commission was to invest up to $10,000 toward a new retaining wall along the western property line. Instead of coordinating our work with the developers work on the retaining wall (which will cost well over $10,000), the Contract Addendum changes the sales price from $10,000 to $1, thereby allowing the developer to construct the retaining wall according to his schedule. The following items are also part of this Addendum: • An easement for the river walk that runs along the western property line, and which encroaches over the property line in several areas. • Deeding back the 10 feet along Colfax which had been split off the property, and is not needed for right -of -way • Retaining wall diagram • Site plan • Building specs The developer, David Matthews, plans to begin construction of the first six units this fall, and will be in attendance for the meeting. What We Do Today Makes A Difference!