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South Bend Redevelopment Commission <br />Regular Meeting —March 19, 2004 <br />6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(2) Staff report on transfer of property in the <br />South Bend Central Development Area. <br />(Hotel LaSalle) <br />Mr. Mathia reported that on December 20, <br />2002 the Commission approved Resolution <br />No. 1933 which ratified a Letter Agreement <br />signed by Jon Hunt and representatives of <br />Downtown South Bend, Inc. (DTSB) <br />relating to the purchase of the Hotel LaSalle. <br />The agreement supported DTSB's decision <br />to acquire the Hotel. The agreement also <br />included a provision that committed the City <br />of South Bend to take out DTSB from its <br />ownership position at the end of a twelve <br />month "hold and market" period if requested <br />by DTSB. The twelve month "hold and <br />market" period has expired and DTSB has <br />requested that the City take ownership of the <br />building. Because City funds were used <br />through a grant to DTSB to acquire the <br />Hotel, it was agreed that the City would only <br />reimburse DTSB for the holding costs. The <br />holding costs are estimated at $78,000. <br />Funds have been included in the City's <br />budget to reimburse DTSB for the holding <br />costs. <br />Staff recommends the Commission approve <br />the transfer of title to the Hotel LaSalle from <br />DTSB to the Redevelopment Commission in <br />accordance with the Letter Agreement and <br />authorize its Legal Counsel to complete and <br />execute the required transfer documents. <br />Upon a motion by Mr. Kahn, seconded by COMMISSION APPROVED THE TRANSFER OF TITLE <br />Mr. Blake and unanimously carried, the TO THE HOTEL LASALLE FROM DTSB TO THE <br />Commission approved the transfer of title REDEVELOPMENT COMMISSION IN ACCORDANCE <br />WITH THE LETTER AGREEMENT DATED <br />9 <br />