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South Bend Redevelopment Commission <br />Regular Meeting -December 28, 2010 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(1) continued... <br />accounts that the city's $6.SM will be <br />deposited into. The MOU requires that the <br />private parties put their own money into the <br />improvements before any of the city money <br />is spent. The Board of Public Works will be <br />appointed as the city's agent to ensure that <br />those improvements are done in the manner <br />they are supposed to be. <br />Pursuant to the MOU there were conveyance <br />payments made by ls` Source and Host as a <br />result of the garage. Those conveyance <br />payments are being terminated. That <br />amounted to about $36,000 per year. <br />Mr. Nussbaum also noted that an additional <br />document indicates that Doubletree will be <br />an approved hotel for the Host site even <br />though for 2011 its ranking dropped from <br />Upper Upscale to Upscale. All parties agree <br />to this. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Garage Purchase <br />Agreement, the Third Amendment to the <br />Operation, Maintenance and Easement <br />Agreement, the Atrium Escrow Agreement, <br />the 1 S` Source Improvement Escrow <br />Agreement, the Host Improvement Escrow <br />Agreement, the 1 S` Source Termination <br />Conveyance Agreement, the Host <br />Termination Conveyance Agreement, and the <br />Doubletree Side Letter Agreement. <br />COMMISSION APPROVED THE GARAGE <br />PURCHASE AGREEMENT, THE THIRD <br />AMENDMENT "r0 THE OPERATION, <br />MAINTENANCE AND EASEMENT AGREEMENT, <br />TIiF. ATRIUM ESCROW AGREEMENT, THE 1ST <br />SOURCE IMPROVEMENT ESCROW AGREEMENT <br />'fHE HOST IMPROVEMENT ESCROW AGREEMENT, <br />THE 1ST SOURCE TERMINATION CONVEYANCE <br />AGREEMENT, THE HOST TERMINATION <br />CONVEYANCE AGREEMENT, AND THE <br />DOUBLETREE SIDE LETTER AGREEMENT <br />