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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (2) continued... <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 /> have any recourse? <br /> Mr. Meteiver responded that the Commission <br /> has a lengthy period prior to closing (a 180- <br /> day initial period, then 90 days, and another <br /> 90 days). Mavcon will be, potentially, a year <br /> and a half into the project by then. The <br /> expense they will incur to develop the <br /> 28 <br />