Transform This Commercial Property

Pick property

Contact our realtor, Melissa Kennedy at 269-441-8183 to set up an appointment to
see the property.

Agree on price

Negotiate a purchase price and sign the Purchase Agreement.

Earnest Money Deposit

Deposit 15% of the agreed price (up to $2,500) to be held at Devon Title Company. The EMD becomes non-refundable at the time the Addendum is executed.

Complete application

Be as detailed as possible regarding the proposed use, plan for
rehabilitation, experience with other projects and financial capacity. Return the completed application to the CCLBA realtor.

The meeting will help the CCLBA find out more about the project and determine the next steps for the
Applicant. Following the meeting, the CCLBA will prepare an Addendum for the applicant with a list of due
diligence requirements, which will then be incorporated in the Addendum for the project.
All lists will include the following minimum due diligence items:

Identify

your team; inside and outside company that will help with this project, including experience;

Seek

support from local jurisdiction and provide written documentation from the Zoning and Planning
Department, or in some cases, Township / Village / Council approval;

Complete

a Phase 1 environmental review of the property;

Create preliminary rehab plan

that includes a detailed concept and plan. The CCLBA
understands the plan may change, but applicants should be as detailed as possible; and

Demonstrate

financial capacity with project proforma and proof of funding.

Depending on the project, the CCLBA may also request items from the following list to be included in the Addendum: 

1. Support and review from the municipal economic development agency;
2. Plan review from building and code officials, e.g. for new construction or change in building footprint;
3. Submission of a site concept plan;
4. Submission of a business plan;
5. Formal code review conducted by an engineer;
6. Additional environmental site assessment(s), if appropriate based on the Phase 1 results;
7. Review by Development Review Committee (DRC) through the CCLBA; and/or
8. Execution of a development agreement, right of first refusal clause, or a reverter clause determined on a project by project basis. 

The Addendum will allow buyers to complete all of the due diligence for the project. Applicant will have a minimum of 60 days from signing the Addendum to conduct due diligence.

If a DRC is required for the project, that committee will be developed by the CCLBA and will consist of representatives from the CCLBA, the local municipality, the economic development agency, and, when appropriate, a representative of the banking industry or other specialist(s). The DRC will provide input on development proposals and assist with the review process. All proposals will be evaluated and scored using a transparent scoring matrix.

After completion and acceptance of all due diligence items, the TTCP project is ready for closing. The CCLBA will close at Devon Title and the Applicant is responsible for the cost of all title work, title insurance, legal proceedings if quiet title is necessary, all closing costs, and any prepaids; the CCLBA will manage the title process. During this final step, the CCLBA and the Applicant will finalize the Purchase Agreement, and any other required documents.

During the rehabilitation of the property, monitoring will take place on a bi-monthly basis. Buyer will be responsible for filing bi-monthly reports with the CCLBA to demonstrate both compliance and progress.

The CCLBA expects the Buyer to work toward project completion as outlined in the Addendum and application, and will work to support the Buyer as needed. If necessary, the Buyer may request an extension in writing; the CCLBA reserves the right to request additional information and supporting documentation before consideration of the request. All extensions must be requested and approved in writing. Legitimate setbacks in completing the project will be taken into consideration on a case by case basis. Requests for multiple extensions may be subject to support from the CCLBA Board of Directors if requested over an extended period time.

If required by a development agreement or reverter clause, compliance monitoring will take place on a scheduled basis. After notice from the Land Bank that a developer failed to meet any set requirement, they will have thirty days to cure it or reach a modification agreement. If no agreement is reached, a reverter clause may be initiated.

Upon receipt of the Final Inspection and/or Certificate of Occupancy by the CCLBA the project will be considered complete.