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South Bend Redevelopment Commission <br />Regular Meeting — September 16, 2005 <br />IL 6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(4) continued... <br />Upon motion by Mr. Downes, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission authorized use of <br />1743 Commerce Drive by the Airport <br />Authority until the property is formally <br />conveyed to them, contingent on receipt of <br />proof of insurance and indemnification of the <br />Commission. <br />(5) Commission approval requested for <br />Release of Memorandum and Agreement <br />Terms. ( Nephrology Associates II) <br />Mr. Witwer noted that Nephrology is selling <br />its property and the company doing the title <br />work needs to have a release confirming that <br />all obligations of the original contract have <br />been satisfied. A Certificate of Completion <br />has been issued for this project and there are <br />no outstanding obligations. This release <br />reassures that fact. <br />Ms. Greene noted that legal counsel has <br />reviewed the document and negotiated it with <br />the purchaser. She believes it does not <br />impair any of the Commission's rights. Any <br />release of obligations of the developer have <br />already been released. However, this <br />satisfies an out -of -town lender's <br />requirements. <br />COMMISSION AUTHORIZED USE OF <br />1743 COMMERCE DRIVE BY THE AIRPORT <br />AUTHORITY UNTIL THE PROPERTY IS FORMALLY <br />CONVEYED TO THEM, CONTINGENT ON RECEIPT <br />OF PROOF OF INSURANCE AND INDEMNIFICATION <br />OF THE COMMISSION. <br />Upon a motion by Mr. Hojnacki, seconded COMMISSION APPROVED THE RELEASE OF <br />by Mr. Downes and unanimously carried, the MEMORANDUM AND AGREEMENT TERMS. <br />Commission approved the Release of (NEPHROLOGY ASSOCIATES II) <br />Memorandum and Agreement Terms. <br />( Nephrology Associates II) <br />13 <br />