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Redevelopment Commission acknowledges termination of Memorial Park purchase agreement after buyer fails to secure tax credits
Summary
The commission acknowledged termination of a purchase agreement with Gorman and Company for the Memorial Park site after the buyer said it could not obtain the required low‑income housing tax credits; staff asked that earnest money held in escrow be released to the buyer and the commission approved the termination.
The Hammond Redevelopment Commission acknowledged termination of the purchase agreement with Gorman and Company for the Memorial Park area after Gorman informed the commission it could not secure the low‑income housing tax credits required by the contract.
Staff explained the purchase agreement was contingent on the buyer obtaining the tax credits, a contingency set out in the agreement's paragraph two. Because the condition was not satisfied, staff said Gorman was entitled to return of earnest money held in escrow and asked the commission to approve the termination and release the funds.
Commissioner Talmadge moved to approve the termination, and Commissioner Kubacki seconded. Roll call recorded five yes votes and the motion passed.
The termination removes the current buyer from the planned senior center and duplexes project for the Memorial Park area; staff did not provide a replacement buyer or next steps for the property during the meeting and said details about redevelopment options would be presented at a future date.
