Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />(4) Easement Agreement with Kimberly - <br />Clark for parking lot associated with <br />Stephenson Mill Apartments. <br />Mr. Meteiver noted that Kimberly- Clark, the <br />company which operates Stephenson Mills <br />Apartments, has contacted the city requesting <br />to convert the existing lease of the associated <br />parking lot to an easement for that lot. The <br />city had been contacted previously to extend <br />the lease to match the term of the new <br />financing for the apartments, and we did so. <br />After further financing applications made by <br />Kimberly- Clark, the company has learned <br />that it would be advantageous to their <br />financing program if their interest in the <br />parking lot was an easement instead of a <br />lease. The documents, submitted today, <br />convert the lease to an easement and extend <br />the term of the easement to the same term as <br />the previously approved lease extension. The <br />lease extensions were held in our file pending <br />completion of Kimberly - Clark's financing <br />application. The lease extensions will be <br />disposed of and replaced with these <br />documents. The Commission's approval is <br />requested. <br />Mr. Meteiver noted that staff anticipates <br />similar documents for the Central High <br />project will be forthcoming also as the <br />refinancing of that project moves forward. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Easement <br />Agreement with Kimberly -Clark for parking <br />lot associated with Stephenson Mill <br />Apartments. <br />10 <br />COMMISSION APPROVED THE EASEMENT <br />AGREEMENT WITH KIMBERLY -CLARK FOR <br />PARKING LOT ASSOCIATED WITH STEPHENSON <br />MILL APARTMENTS. <br />