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RM 02-02-96
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RM 02-02-96
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South Bend Redevelopment Commission <br />Regular Meeting - February 2, 1996 <br />h. Commission approval requested for <br />Agreement between First Union Bank <br />of North Carolina regarding <br />Stephenson Mill Apartments. <br />Ms. Manier explained that Alexander <br />Company developed the Central High <br />School Apartment Project and the <br />Stephenson Mill Apartment Project. <br />They are in the process of restructuring <br />their financing with the various <br />partnerships and limited liability <br />corporations that they formed. They <br />have asked that we execute this <br />agreement which confirms our rights in <br />the property, namely that the property <br />owner is subject to certain non- <br />discrimination commitments. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Hcjnacki and <br />unanimously carried, the Commission <br />approved the agreement with First <br />Union Bank of North Carolina <br />regarding Stephenson Mill Apartments. <br />i. Commission approval requested for <br />Estoppel Certificate regarding <br />Stephenson Mill Apartments. <br />Ms. Manier noted that the Estoppel <br />Certificate is a representation to First <br />Union Bank of North Carolina that the <br />Alexander Company is in compliance <br />with its obligations to us under the lease <br />for Stephenson Mill Apartments. <br />Upon a motion by Mr. Hcjnacki, <br />seconded by Mr. Faccenda and <br />unanimously carried, the Commission <br />approved the Estoppel Certificate <br />regarding Stephenson Mill Apartments. <br />-11- <br />COMMISSION APPROVED THE AGREEMENT <br />WITH FIRST UNION BANK OF NORTH <br />CAROLINA REGARDING STEPHENSON MILL <br />APARTMENTS <br />COMMISSION APPROVED THE ESTOPPEL <br />CERTIFICATE REGARDING STEPHENSON MILL <br />APARTMENTS <br />
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