RM 12-20-88 - Laserfiche WebLink

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South Bend evelopment Carmnission Reschedulel Regular Meeting - December 20, 1988 6. NEW BUSINESS (Cont.) c. Continued... d. Mrs. Kolata explained that we had recaived a letter notifying the Comnission that upon the purchase of the lani, Can Am will grant a mortgage on the lani and other mortgageable interests to Sou east Bank NA as trustee under a tru3t indenture dated December 1, 1988 to sec e payment of the multi - family housing revenue refunding bonds for the Po' ite at St. Joseph project. Upon a motion by Ms. Auburn, seconded by Mr. Combs and unanimously carried, the Commission authorized a mortgage to be placed on Parcel E1 -1 in the South Bend Centxal Development Area. Mrs. Kolata noted that at the December 9th meeting the Commission authorized an easement along the river on Parcel E1 -1. It was not made clear at that time to whom the easement was being granted. The original deed was drafted to include the easement. We have since decided to remaie it from the deed and grant the t to the Park Department. Can--American would then take possession Of property with that easement in pl . The Park Department accepted the ease t at its December 19th meeting. This ratification acknowledges the easement with the Park Department. Mks. Kolata also noted that the easement contains a provision for Can Am to enter the easement for emergency maintenance if the k Department does not maintain the publ c walkway. COMMISSION AUTHORIZED A MORTGAGE TO BE PLACID ON PARCEL E1 -1 IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA Upon a motion by Mr. Combs, seconded by COMMISSION RATIFIED THE EASEMENT Mr. Piasecki and unanimously carried, the TO THE PARK DEPARTMENT ON PARCEL Ccmmss'On ratified the easement to the E1 -1 IN THE SOUTH BEND CENTRAL Park Department on Parcel E1 -1 in the DEVELOPMENT AREA South Bend Central. Development Area. -5-