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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />exercise option to purchase property in <br />the South Bend Central Development <br />Area. (Monroe Park Apartments) <br />Mrs. Kolata stated that ownership of <br />Monroe Park Apartments has been <br />transferred to South Bend Leased Housing <br />Limited Partnership, which is affiliated <br />with Dominium, Inc., which owns a large <br />number of apartment facilities around the <br />country. <br />This land was purchased with lease - <br />purchase bonds and was subleased to <br />Monroe Park Associates who constructed <br />the apartments. This property has now <br />been purchased by the South Bend Leased <br />Housing Associates Limited Partnership. <br />This Partnership is now providing notice <br />to the Commission that they intend to <br />exercise the option to purchase contained <br />in Section 5 of the Sublease. The <br />Partnership agrees to pay the purchase <br />price of $40,000 (as provided for in the <br />Sublease) plus the portion of unpaid <br />annual rental, which was due on <br />September 1, 1997, prorated to the date of <br />closing. In addition, the Partnership <br />agrees to make improvements to the <br />property as requested by the Commission <br />and to complete the improvements no later <br />than August 31, 998. These improvements <br />are listed in their letter dated February 4, <br />1998. <br />-14- <br />