12/14/92 Board of Public Works Minutes

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REGULAR MEETING DECEMBER 14, 1992 / L.L. GEANS AND SONS, INC. 56535 Magnetic Drive Mishawaka, Indiana 46545 Quotation was signed by Mr. Rocky R. Geans, President. QUOTATION. Item #1 Item #2 No Bid $ 2,100.00 Item #3 $ 400.00 Item #4 $ 456.00 Alternate Saw Cut & Remove top of Wall $20,280.00 Total Items 2,3,4 & Alternate: $23,236.00 CASTEEL CONSTRUCTION CORPORATION 23186 West Ireland Road South Bend, Indiana Quotation was signed by Mr. R.V. Casteel, President. QUOTATION: $24,779.00 Upon a motion made by Mr. Leszczynski, seconded by Mrs. Mueller and carried, the above Quotations were referred to the Engineering Department for review and recommendation AePhUVE SECOND SUPPLEMENT TO INDENTURE OF TRUST AND CONSENT LETTER - RE: SETTLEMENT AGREEMENT - MARRIOTT HOTEL PROJECT Board Attorney and Member Mary H. Mueller -advised that submitted to the Board today for approval is a Second Supplement to Indenture of Trust and a Consent Letter relative to the Settlement Agreement regarding the Marriott Hotel Project. Mrs. Mueller noted that pursuant to the Settlement Agreement, the developer, South Bend Joint Venture and the 1st Source Bank, as trustee, convey all right, title and interest in the Marriott Hotel Project to Aetna Casualty and Surety Company, a general partner in the South Bend Joint Venture and the holder of the City of South Bend's Economic Development revenue bonds for this project. The conveyance will result in the discharge of all obligations by the City under the bonds. Mrs. Mueller reiterated that these documents are a part of a settlement whereby South Bend Joint Venture, developer of the South Bend Marriott Hotel Project, transfers all right, title and interest it has in such project to The Aetna Casualty and Surety Company. This transfer is made with the agreement and consent of the City and 1st Source Bank, as trustee on the City's Economic Development revenue bonds, Series A. Pursuant to this transfer, South Bend Joint Venture is relieved of any obligation arising out of its loan agreement with the City relative to this project. Also, in consideration of the transfer, Aetna, holder of the City's Economic Development revenue bonds, Series A, will return all of these bonds to the trustee for cancellation and return to the City. Therefore, the City will no longer have any obligations under these bonds. The City's Redevelopent Department is still the owner of the ground upon which the Marriott Hotel is built, subject to what is now an eighty-seven (87) year lease in favor of Aetna Casualty and Surety Company. Since that lease has now been transferred to Aetna, they will be responsible for the annual rentals payable to the City. Therefore, Mrs. Mueller made a motion that the documents as submitted be approved and executed. Mr. Caldwell seconded the motion which carried.