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South Bend edevelopnent Commission Regular Meeting - July 12, 1985 6. NEW BUSINESS (Cont.) c. uontinuea... three years under the Homesteading Program and needs to subordinate their interest to enable the Homesteader to obtain the necessary private financing. Upon a motion made by Mr. Combs, seconded by Mr. Donoho and unanimously carried, the CorarLission approved a Subordination Agreement wit1i Tower Federal Savings & Loan Association in connection with the Bureau of Housing Hom steading Program. d. Ccmmission authorization requested for conveyance of property to the City of South Bend Park Department in connection with the proposed fish ladder. Mr. Hunt explained the Commission owns the pro rty just no of Seitz Park which will involve the proposed fish ladder and hydro electric facility. Ms. Schwartz pointed out on a map the area where the proposed fish ladder will be developed to allow salmon to come up the St. Joseph River to get to the Mishawaka Fish Hatchery and which will also include a small by o electric generator. The South Bend Park Department is responsible for the hydro-electric generator and the Indiana Depirtment of Natural Resources is responsible for the fish ladder. The City is moving towards getting an interlocal agreement with the State of Indiana to coordinate the building of the fish ladder and the by o- electric generator. Redevelopment owns the piece of property in question and would ne to convey it to the Park Department so the can be the central coordinating body for the City. Ms. Schwartz stated that we have received back from the State the necessary documents and are close to an agreement on all the terms and comlitions. There will be a lease of the property to the State for the fish ladder and th a lease back of our interest for the by o project. Then there will be an -5- COMMISSION APPROVED A SUBORDINATION AGREEMENT WITH TOWER FEDERAL SAVINGS & LOAN ASSOCIATION IN CONNECTION WITH THE HOME- STEADING PROGRAM