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South Bend Redevelopment Commission <br />Regular Meeting —May 7, 2004 <br />6. NEW BUSINESS <br />A. South Bend Central Development Area <br />(3) continued... <br />by ERFA. The findings include the fact that <br />the property, in its current condition, is not <br />suitable for commercial leasing, but for <br />significant financial investment by the <br />Commission. The property is not going to <br />be used as a commercial tenancy; therefore, <br />the Commission is not pursuing this as a <br />standard lease of property, and as such, is <br />not obtaining appraisals for the fair market <br />use of the property. The use of the property <br />is temporary and the recommendation, <br />which is incorporated in Resolution <br />No. 2055, is that the ERFA undertake the <br />assumption of liability for the premises, <br />including any repairs needed for suitable <br />occupancy on a temporary basis. The use <br />can be terminated by the Commission upon <br />written notification to ERFA. ERFA will be <br />required to provide proof of insurance <br />naming the Redevelopment Commission as <br />co- insured. <br />Mr. Hunt inquired about the time factor <br />related to written notification of use <br />termination. <br />Ms. Greene advised that Resolution <br />No. 2055 authorizes legal counsel to prepare <br />the necessary documentation consistent with <br />the resolution and also authorizes the <br />Redevelopment President or Vice President <br />and Secretary to execute the required <br />documents. <br />L 8 <br />