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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (9) continued... <br /> Apartments and the Central High Apartments <br /> embarked upon a refinancing of both of those <br /> projects. As a requirement of the <br /> refinancing, HUD has required the existing <br /> parking lot lease associated with each project <br /> be converted to an easement, at a term to <br /> match the term of the new financing. The <br /> Stephenson Mill Apartment conversion <br /> project was completed a couple of months <br /> ago and this Commission approved that set of <br /> documents. Before the Commission now are <br /> the Central High Apartments conversion <br /> documents. These are similar to the <br /> Stephenson Mill documents accept that these <br /> contain a payment string to the Commission. <br /> Under the original parking lot lease, there <br /> was a buy-out at the end of the lease term. <br /> Because this new conversion and easement <br /> goes beyond that original term, we have <br /> negotiated an amortization of that original <br /> buy-out. The owners will make a $100,000 <br /> down payment and a stream of payments <br /> over the next 35 years of$5,686 per year. <br /> He asked for approval of the documents. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED FIRST AMENDMENT TO <br /> Mr. Varner and unanimously carried, the PARKING LEASE WITH CENTRAL HIGH <br /> Commission approved First Amendment to ASSOCIATES,LLC(CENTRAL HIGH APARTMENTS). <br /> Parking Lease with Central High Associates <br /> LLC (Central High Apartments). <br /> (10) Easement Conversion Agreement with <br /> Central High Associates LLC (Central <br /> High Apartments). <br /> 38 <br />