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South BE <br />Regular <br />6. NEW <br />a. <br />Q <br />Redevelopment Commission <br />tinq - October 24, 1986 <br />INESS (Cont.) <br />r. Hunt explained that the homeowner at 113 <br />. Huey has submitted a $500 check to the <br />,ireau of Housing to make up the difference <br />etween the bid amount and the grant amount. <br />on a motion made by Mr. Donoho, seconded by <br />. Combs and unanimously carried, the <br />.rmission approved proposals and grants in <br />cordance with the Emergency Repair Program <br />listed above. <br />mission approval requested for First <br />E�ndment to Agreement for Lease with Teachers <br />t <br />s. Schwartz summarized the amendment as <br />ollows: The amendment addresses a series of <br />ax problems related to tax exempt bonds that <br />inance the construction of TCU headquarters. <br />t also addresses some tax considerations for <br />he Commission's 1985 TIF tax exempt bond. It <br />hanges the relationship between TCU and the <br />ommission to have the lot directly east of <br />CU rented to them for a flat parking lot <br />etween now and January 1, 1989 at which time <br />he Commission would carry out its obligation <br />o construct a parking facility on that site. <br />his agreement no longer contains the option <br />or TCU to purchase the parking facility. The <br />ental rate for the flat lot will be $752.25 <br />er month, based on an appraised fair market <br />alue of the flat lot as a parking lot. The <br />arking garage will be leased at $28,740.00 <br />er month. The term of the lease is 40 years <br />ith 4 renewal options of 5 years each. Ms. <br />iller, attorney for TCU, acknowledged that <br />he new agreement meets the IRS concerns of <br />oth parties, yet mirrors the original <br />COMMISSION APPROVED BIDS AND <br />GRANTS IN CONNECTION WITH THE <br />EMERGENCY REPAIR PROGRAM AS <br />LISTED ABOVE <br />a motion by Mr. Donoho, seconded by Mr. COMMISSION APPROVED FIRST <br />and unanimously carried, the Commission AMENDMENT TO AGREEMENT FOR <br />ved the First Amendment to Agreement for LEASE WITH TEACHERS CREDIT <br />with Teachers Credit Union. UNION <br />-4- <br />