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South Bend Redevelopment Commission <br />Special Meeting - December 19, 1995 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />School Associates owns the Central High <br />School building and surrounding land. The <br />surrounding land is being leased to the <br />Commission, which improved that land and <br />is subleasing it back to Central High School <br />Associates. Central High School Associates <br />has requested a restructuring of the current <br />arrangement in order to meet their financing <br />needs. The restructuring involves the <br />purchase of the surrounding land by the <br />Commission and the lease- purchase of the <br />same back to Central High School <br />Associates. It is actually more beneficial to <br />the City because they will now be <br />purchasing the improvements from us. <br />Their proposal states that they will lease - <br />purchase the land over a 30 year period for <br />$1.00 per year with a balloon payment of <br />$299,000 at the end of 30 years. <br />Upon a motion by Mr. Robert Hunt, <br />seconded by Mr. Hojnacki and unanimously <br />carried, the Commission accepted the <br />proposal from Central High School <br />Associates for the land surrounding Central <br />High School Apartments in the South Bend <br />Central Development Area. <br />b. Staff report on disposition of property in <br />the Airport Economic Development Area. <br />There was no report. <br />C. Commission approval requested for <br />Revision of 1995 Blackthorn Golf Course <br />Budget. <br />Ms. Manier explained that the changes to <br />the 1995 budget do not affect the t9tal <br />COMMISSION ACCEPTED THE PROPOSAL <br />FROM CENTRAL HIGH SCHOOL ASSOCIATES <br />FOR THE LAND SURROUNDING CENTRAL <br />HIGH SCHOOL APARTMENTS IN THE SOUTH <br />BEND CENTRAL DEVELOPMENT AREA <br />THERE WAS NO REPORT <br />