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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –February 6, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. Northeast Neighborhood Development Area <br /> <br />(1) continued… <br /> <br />Redevelopment Commission. The <br />Commission has already approved that. The <br />second is the lease anticipated to go from the <br />Redevelopment Commission to the developer <br />and it covers the terms discussed this <br />morning. <br /> <br />Mr. Peczkowski asked what would happen if <br />the developer decided after 25 years that it <br />didn’t want the garage because it was in need <br />of too many repairs. Mr. Inks responded that <br />an earlier form of the Development <br />Agreement contained an option for the <br />developer to own the garage. That option has <br />been removed and the developer must take <br />ownership of it after 25 years. <br /> <br />In Section 6.4, Kite agrees to dedications of <br />grants to provide the necessary rights of way <br />for construction of the streets. <br /> <br />Section 6.5 relates to a street maintenance <br />agreement. There are some streets where we <br />will be using public funds, such as to put in <br />Burns St.; but because of the way the hotel <br />juts out into Burns, the city doesn’t want to <br />be responsible for maintaining anything <br />related to that with public funds. <br />Responsibility for maintenance of that street <br />and any other similar improvement are being <br />assigned to the developer. <br /> <br />Sections 8.1(b) and (c) are sequential in their <br />timing. If the developer is late on a piece of <br />the project, there may be a development <br />delay fee attached to that. After three years <br /> 15 <br /> <br />