2. Minutes 4/12/11 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —April 12, 2011 Mr. Varner and unanimously carried, the Commission approved Resolution No. 2861 approving and authorizing the execution of an Addendum to the Master Agency Agreement with the Board of Public Works (Leighton Parking Garage Capital Improvements) (5) First Amendment to parking Lease with Central High Associates, LLC. Mr. Inks noted that Item 6.A.(5) and 6.A.(6) are similar and will be explained together. Mr. Meteiver noted that in 1994, the Commission entered into a 30 year lease agreement with Heartland Fund Management, Inc., now Stephenson Mill Associates, LLC, effective September 1, 1994 and terminating September 1, 2024. At the termination of the lease, the tenant has an option to purchase the property for a dollar plus the cost of the improvements made by the Commission in 1994. With respect to the Central High Lease, in 1995, the Commission entered into a 20 year lease agreement with The Alexander Company, Inc., now Central High Associates, LLC, effective December 29, 1995 and terminating December 28, 2015. At the termination of the lease, the tenant has the option to purchase the property for the sum of $299,000. The current status is that both of the properties are being refinanced by Kimberly - Clark Corporation (KKC), the managing member of both of the LLC tenants. In order to refinance, KKC must show a long term interest in both properties for the length of payments of the new loan obligation. For that 7 OF AN ADDENDUM TO THE MASTER AGENCY AGREEMENT WITH THE BOARD OF PUBLIC WORKS (LEIGHTON PARKING GARAGE CAPITAL IMPROVEMENTS)