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South Bend Redevelopment Commission <br />Regular Meeting —April 12, 2011 <br />Would that be carried forward if the <br />Commission would approve the assignability <br />clause? Mr. Meteiver responded that it <br />would remain the same. <br />Mr. Gibney added that he has heard that that <br />requirement only lasted 15 years and both <br />properties have now been converted to <br />market rate apartments. He has not verified <br />that. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the First Amendment <br />to parking Lease with Central High <br />Associates, LLC without the assignability <br />options. <br />(6) First Amendment to Parking Lease with <br />Stephenson Mill Associates, LLC. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the First Amendment <br />to Parking Lease with Stephenson Mill <br />Associates, LLC without the assign ability <br />option. <br />(7) Authorization to declare contract default <br />and right to cure. (Northwest corner <br />Jefferson and St. Joseph Streets (Jeffcourt, <br />Inc.) <br />Mr. Relos noted that in 2008, the <br />Redevelopment Commission entered into a <br />Development Agreement and Contract for <br />Sale of Land for the parking lot at the <br />northwest corner of Jefferson and St. Joseph <br />Streets. Those agreements were with <br />Jeffcourt, Inc., for the redevelopment of that <br />lot into an upscale hotel. As part of those <br />agreements, Jeffcourt had certain obligations, <br />Z <br />COMMISSION APPROVED THE FIRST <br />AMENDMENT TO PARKING LEASE WITH <br />CENTRAL HIGH ASSOCIATES, LLC WITHOUT THE <br />ASSIGN ABILITY OPTIONS <br />COMMISSION APPROVED THE FIRST <br />AMENDMENT TO PARKING LEASE WITH <br />STEPHENSON MILL ASSOCIATES, LLC WITHOUT <br />THE ASSIGN ABILITY OPTION. <br />