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RM 09-04-92
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RM 09-04-92
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"N South Bend Redevelopment Commission <br />Regular Meeting - September 4, 1992 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Mrs. Kolata explained that Resolution <br />No. 1095 is for the reimbursement of <br />$48,215.88 to the City of South Bend from <br />the SBCDA tax increment fund for <br />professional services provided by Gerard <br />Hilferty Associates in connection with <br />the College Football Hall of Fame. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved Resolution <br />No. 1095 authorizing the reimbursement to <br />the City of South Bend for expenditures <br />made within the South Bend Central <br />Development Area. <br />f. Commission approval requested for <br />Sublease with Monroe Park Associates. <br />(Briarwood Development) <br />Mrs. Kolata noted Monroe Park Associates <br />is developing the town houses in Monroe <br />Park on land that we acquired and awarded <br />to them. <br />Ms. Manier explained that Mr. McCalley <br />has secured the tax credits for this <br />project. The sublease is for 22 years to <br />coincide with the lease between the <br />Redevelopment Authority and the <br />Redevelopment Commission for the <br />underlying ground. We cannot transfer <br />title to the property, which we purchased <br />with bond funds, until we have paid off <br />the bonds. <br />Ms. Manier noted that construction is <br />expected to begin on November 1, 1992 and <br />to be completed by September 20, 1993. <br />The lease /rental annually is what was <br />bid, which is $7,502 per year. The lease <br />contains an early termination buyout in <br />case we are able to pay the bonds off <br />early. <br />Low The lease contains the standard terms <br />about insurance, liability, <br />-9- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1095 AUTHORIZING <br />REIMBURSEMENT TO THE CITY OF <br />SOUTH BEND FOR EXPENDITURES MADE <br />WITHIN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA <br />
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