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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />continue ... <br />respect to this property. By way of brief <br />history, the Commission previously owned <br />this property and then so ld the State Theatre <br />in 1993 to Watseka Theater Corporation. As <br />the Commission regularly does with its all <br />property transactions, there were certain <br />conditions with respect to Watseka Theater <br />Corporation completing the project as <br />proposed to the Commission prior to the sale, <br />which was the basis by which the <br />Commission approved the sale of the State <br />Theatre. Generally what happens is that the <br />Commission sells property based upon a <br />proposal the developer has presented. Once <br />the purchaser completes development of the <br />property as proposed, the Commission issues <br />a Certificate of Completion stating that the <br />property owner has completed its obligation <br />and releasing any reversionary interest held <br />by the Commission prior to completion of the <br />project. In order to ensure that the <br />development is completed the Commission <br />states in both the Contract for Sale of Land <br />and in the Deed transferring the <br />Commission's interests, that in the event that <br />the purchasers does not complete <br />itsdevelopment obligation, the Commission <br />can take title o f the property back and put the <br />property out for bid again, so that the <br />property ultimately gets developed in <br />accordance with the Commission's <br />development plan for the area. The whole <br />point is to make sure any property that the <br />Commission sells gets developed once it is <br />sold. In this particular case, the reversionary <br />right that the Commission has goes solely to <br />17 <br />