04-01-05 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting —April 1, 2005 6. NEW BUSINESS (CONT.) D. South Bend Central Development Area (6) continued... Space Lease for property located in the Leighton Plaza formerly owned by MEPT (Multi Employer Property Trust), now owned by Westminster Leighton, LLC. Ms. Greene reported that the Commission owns the land under the building where Standard Federal is located in the Leighton Plaza. There is a lease in effect with Standard Federal for the ground and air space. There has been a transfer of ownership from the current owner to a new entity, Westminster Leighton, LLC. In order to close its transaction Westminster Leighton has requested the Commission provide acknowledgement and approval the transfer. The prior owner, MEPT (Multi Employer Property Trust), has assigned its rights and interests under the lease to Westminster Leighton. The Agreement regarding Ground and Air Space Lease before the Commission recognizes that transfer. There are some items in the Agreement, as presented, that legal counsel would like to revise in order to clarify the intent of the Agreement and to ensure that the Commission is best protected. The Commission is requested to approve the Agreement regarding Ground and Air Space Lease and authorize its execution in a form that is acceptable to legal counsel . Upon a motion by Mr. King, seconded by Mr. Hunt and unanimously carried, the Commission authorized approval of the Agreement regarding Ground and Air Space Lease for property located in the Leighton 13 COMMISSION AUTHORIZED APPROVAL OF THE AGREEMENT REGARDING GROUND AND AIR SPACE LEASE FOR PROPERTY LOCATED IN THE LEIGHTON PLAZA FORMERLY OWNED BY MEPT (MULTI EMPLOYER PROPERTY TRUST); NOW OWNED BY WESTMINSTER LEIGHTON, LLC AND EXECUTION OF THAT AGREEMENT IN A FORM ACCEPTABLE TO LEGAL COUNSEL.