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South Bend Redevelopment Commission <br />Regular Meeting –December 28, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. South Bend Central Development Area <br /> <br />(1) continued… <br /> <br />Mr. Nussbaum noted that on December 3, the <br />Commission heard a lengthy explanation <br />regarding the Memorandum of <br />Understanding (MOU) related to this project. <br />None of these documents in any way <br />modifies that agreement. The documents <br />supplement and help to implement that <br />agreement. <br /> <br />Mr. Nussbaum noted that the Garage <br />Purchase Agreement confirms the authority <br />of the parties to enter into the agreement. It <br />sets out what documents are to be exchanged <br />at closing. The closing is scheduled to take <br />place later this day. And it provides for an <br />allocation of costs at closing. The city is not <br />paying any closing costs. All $6.5M that the <br />city is putting into the project will be put into <br />various escrow accounts to be used for <br />improvements. <br /> <br />Mr. Nussbaum noted that the Third <br />Amendment to the Operation, Maintenance <br />and Easement Agreement (OME) seeks to <br />keep in place the current agreement with <br />regard to the operation of the parking garage. <br />Part of the MOU was that although the city <br />st <br />will own the garage, both 1 Source and Host <br />will be the entities that will operate it and <br />incur all the expenses with regard to the <br />operations. <br /> <br />Mr. Nussbaum noted that there are three <br />st <br />Escrow Agreements: an Atrium Escrow, a 1 <br />Source Improvement Escrow and a Host <br />Improvement Escrow. Those are the three <br /> 4 <br /> <br />