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South Bend Redevelopment Commission <br />Regular Meeting —June 14, 2011 <br />Prior to closing this transaction, much due <br />diligence must be completed. Mavcon, at its <br />own expense, will hire architectural, <br />engineering, and environmental consultants <br />to study and plan for the eventual <br />rehabilitation of the Hotel into 45 — 65 <br />market rate apartments, with commercial <br />space likely on the 1St and 2 "d floors. In <br />addition, and again at their own expense, <br />they will put together a funding package that <br />will include both Historic and New Market <br />Tax Credits. <br />Highlights of the purchase agreement <br />include: <br />$5,000 purchase price, to be paid at <br />closing <br />• $2,000 deposit within 3 days of the <br />acceptance of this agreement <br />• 180 day inspection period <br />• 180 day inspection period extension, with <br />an additional $2,000 deposit <br />• Closing within 90 days after the <br />inspection period or the extension thereof <br />• 90 day closing extension, with additional <br />$2,000 deposit. <br />Because of the complicated nature of putting <br />together the Historic and New Market Tax <br />Credit package, and the extensive <br />architectural, engineering, and environmental <br />studies that need to be completed, staff feels <br />the above schedule is acceptable and <br />necessary. <br />Ms. King asked what will occur after the <br />closing, if the Commission approves the <br />proposal. She noted there doesn't seem to be <br />a timetable for completion, or an opportunity <br />to buy it back if Mavcon does not move <br />forward. She asked if the Commission will <br />25 <br />