RM 11-17-72 - Laserfiche WebLink

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5. LD BUSINESS a. Economic Development Corporation Contract: Authorization was requested to rescind Commission ap- proval of July 7, 1972, for contract between Economic Development Corporation of South Bend Model Cities and the Dept. of Redevelopment, and authorize the President and Secretary to enter into contract agreement, as sub- mitted for Professional Services. Agreement dated 7th of July, 1972 with services required to be completed by July 31, 1973, with allowable costs stating the Agency shall spend no more than $409,950.00 in the performance of this contract without prior approval of the LPA. Above motion was made by Mr. Wiggins, seconded by Mr. Wade and unanimously carried. b. Central Downtown Renewal Project, Ind. R -66, Acquisition Parcel Nos. 4 -14 and 4 -15: Rescission was requested of Commission action of February 1, 1968 (Item 4b of the Minutes of the Commission meeting of said date) removing above - referenced Parcel Nos. 4 -14 and 4 -15 from the acquisition list, subject to the requirements of Sec ion D, Item lc of the Urban Renewal Plan for Ind. R -66. Mr. Taylor stated that Section D, Item lc of the Urban Renewal Plan was not complied with in that the owners of said Parcel Nos. 4 -14 and 4 -15 failed to "present within a reasonable time, a specific plan or program of action to the City of South Bend Department of Re- development" relative to rehabilitation and redesigning of he structures and removal of any substandard struc- tures on said Parcel Nos. 4 -14 and 4 -15. On tion by Mr. Wiggins, seconded by Mr. Chenney, and unanimously carried, the previous action of February 1, 1968, taken by the Commission is rescinded, due to non- com liance from the owner. 6. NEW BUSINESS a. Addendum Agreement: This Agreement is between the South Bend Department of Redevelopment and the Royal Inns of America, Inc., on Disposition Parcel No. 7 -1, R -66. Mr. Butler, Commission Legal Counsel, advised certain provisions in the original Redevelopment contract imposed restrictions on the transfer of shares of stock of the Redeveloper and imposed information and reporting requirements with respect to the stockholders of the Re- developer. Since Royal Inns is a publicly -held Corpora- tion with shares of its stock traded on the American Stock Exch nge, it is not practically possible for the Redeveloper EDC CONTRACT APPROVAL OF 7 -7 -72 RESCINDED & ANOTHER CONTRACT APPROVED ACQUISITION APPROVAL OF 2 -1 -68, PARCEL NOS. 4 -14 & 4 -15, RESCINDED, R -66 ADDENDUM AGREEMENT APPROVED, DISPOSITION PARCEL NO. 7 -1, R -66