06/09/87 Board of Public Works Minutes

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REGULAR MEETING JUNE 9, 1987 5. This document shall be executed in two counterparts and each counterpart shall serve as an original document for all purposes. ADOPTED this 9th day of June, 1987, at a regular meeting of the Board of Public Works of the City of South Bend. BOARD OF PUBLIC WORKS s/John E. Leszczynski, President s/Michael L. Vance s/Patricia E. DeClercq ATTEST: s/Sandra M. Parmerlee, Clerk EXHIBIT A A part of the West half of the Northwest quarter of Section 1, Township 37 North, Range 2 East, 2nd P.M. City of South Bend, St. Joseph County, Indiana, also being a part of the vacated railroad right of way of Consolidated Rail Corporation (formerly Michigan Central), more specifically located easterly of Lots #359 through 364 of Hillcrest Addition to Navarre Place, and more particularly described as follows: Commencing at the Northeast corner of Lot #364 of Hillcrest Addition to Navarre Place; thence South 89 53'28" East 65.04 feet to the point of beginning of this description; thence Southeasterly along an are to the left having a radius of 4199.39 feet and subtended by a long chord having a bearing of South 12 02'27" East and a length of 253.31 feet to the North boundary of Pokagon Street; thence North 89 11'56" West 20.65 feet along said boundary to the centerline of said vacated railroad right of way; thence Northwesterly along an arc to the right having a radius of 4219.39 feet and subtended by a long chord having a bearing of North 11 58'52" West and a length of 253.00 feet to the South boundary of Angela Avenue; thence South 89 53'28" East 20.32 feet to the point of beginning, containing 5066 square feet, more or less. APPR LOAN GRANT AGRE ONE MICHIANA TO BUS TNERS ESS DEVELOPMENT CORPORATION FOR Mr. Leszczynski read a letter received from Mr. Donald E. Inks, Director, Division of Community Planning and Development, submitting to the Board a Grant Agreement between the City and the Business Development Corporation for the purpose of making a loan to One Michiana Partners. A loan in the same amount is currently outstanding but due to a technical need related to closing out the UDAG this loan will be paid off early. The original ten (10) year loan was made to One Michiana Partners (formerly One Michiana Square) under terms of the Urban Development Action Grant which provided the funds. None of the terms will be changed under the new loan. Payments from One Michiana Partners will be received in the same amounts, and on the same dates as originally scheduled. The loan will mature during 1995 as initially scheduled. The early pay-off and new loan are necessary to effect a close-out of the UDAG. During 1986 the original One Michiana Square Project was syndicated. As a result of the syndication, an amendment of the UDAG documents was required, but over the past several months it has proven very elusive. After discussion with the U.S. Department of Housing and Urban Development, it was decided that the best route would be to close-out the UDAG. Close-out is necessary in any case since the project is virtually complete, but it also means the amendment will not be necessary. 1 1