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SM 09-27-79
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SM 09-27-79
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South Bend Redevelopment Commission <br />Special M eting - September 27, 1979 <br />2. NEW BUSINESS (continued) <br />c. Resolution #593 approving FBT Bancorp, Inc. <br />qyJound lease. <br />Mr. Butler: The same comments with respect <br />to this particular document as to a ground lease <br />with the property to be utilized by FBT <br />Bancorp, Inc. The rental figure in this lease <br />is $7,387.00 which again is the $.20 times the <br />36,932.58 sq. ft. The only other provision <br />which is different from the other lease, is <br />the time for submission of evidence of equity <br />capital. We are saying that we have received <br />satisfactory evidence as to sufficient equity <br />capital and a commitment from Continental <br />Illinois Bank & Trust from Chicago, which are <br />necessary for the financing of the construction <br />of the improvements. Because this bond issue <br />will not be closed (the bonds will not be sold <br />at the time that we are entering into this <br />agreement), we are stating further that if the <br />commitment is restructured, or amended, the <br />redeveloper must notify the Department of <br />Redevelopment, and if the commitment is with- <br />drawn or terminated, then the redeveloper must <br />submit to the agency satisfactory evidence of <br />equity capital and other commitments for <br />financing, prior to the commencement of con- <br />struction. I believe that all the other <br />provisions are similar to the Rahn Properties <br />lease. I would like to point out that on the <br />Rahn Properties lease and this lease, that I <br />am not going to change any of the basic terms <br />of the agreement. I cannot. If there were any <br />further negotiations on those provisions, before <br />an changes could be made, the Commission would <br />have to act upon them. <br />Ms. Auburn made a motion to adopt Resolution #593 <br />approving the ground lease for FBT Bancorp., Inc. <br />subject to changes which are approved by the <br />Commission's attorney, and authorizing the lease <br />to be executed on behalf of the Department of <br />R development by the President and Secretary, <br />seconded by Mr. Donaldson, and the motion was <br />unanimously carried. <br />3. NEXT COMMISSION MEETING <br />The nslxt regularly scheduled South Bend Redevelopment <br />Commission Meeting is October 5, 1979, at 10 o'clock a.m. <br />-5- <br />RESOLUTION #593 <br />APPROVED FOR FBT <br />BANCORP, INC. GROUND <br />LEASE <br />NEXT COMMISSION <br />MEETING <br />
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