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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 COMMISSION APPROVED THE EASEMENT <br /> Mr. Alford and unanimously carried, the AGREEMENT WITH KIMBERLY-CLARK FOR <br /> Commission approved the Easement PARKING LOT ASSOCIATED WITH STEPHENSON <br /> MILL APARTMENTS. <br /> Agreement with Kimberly-Clark for parking <br /> lot associated with Stephenson Mill <br /> Apartments. <br /> 10 <br />