RM 09-04-92 - Laserfiche WebLink

Home Browse Search

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