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