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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 />accounts that the city’s $6.5M 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 /> <br />Pursuant to the MOU there were conveyance <br />st <br />payments made by 1 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 /> <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 /> <br />CG <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED THE ARAGE <br />PA,T <br />URCHASE GREEMENT THE HIRD <br />Mr. Downes and unanimously carried, the <br />AO, <br />MENDMENT TO THE PERATION <br />Commission approved the Garage Purchase <br />MEA, <br />AINTENANCE AND ASEMENT GREEMENT <br />Agreement, the Third Amendment to the <br />AEA,1 <br />ST <br />THE TRIUM SCROW GREEMENT THE <br />Operation, Maintenance and Easement <br />SIEA <br />OURCE MPROVEMENT SCROW GREEMENT <br />HIEA, <br />Agreement, the Atrium Escrow Agreement, <br />THE OST MPROVEMENT SCROW GREEMENT <br />1STC <br />ST <br />st <br />THE OURCE ERMINATION ONVEYANCE <br />the 1 Source Improvement Escrow <br />A,HT <br />GREEMENT THE OST ERMINATION <br />Agreement, the Host Improvement Escrow <br />CA, <br />ONVEYANCE GREEMENT AND THE <br />st <br />Agreement, the 1 Source Termination <br />DSLA <br />OUBLETREE IDE ETTER GREEMENT <br />Conveyance Agreement, the Host <br />Termination Conveyance Agreement, and the <br />Doubletree Side Letter Agreement. <br /> <br /> <br /> 5 <br /> <br />