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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />A key factor in that decision was the <br />commitment by the City to construct the <br />parking garage identified in the Parking <br />Lot Lease and Amendment. Without the <br />commitment, Teachers Credit Union <br />would not have located their corporate <br />office downtown. Development of the <br />property by Teachers Credit Union as a <br />parking lot is important to its ability to <br />continue to serve its members. <br />Project Schedule— Teachers Credit <br />Union did not submit a schedule for <br />improvement to the property. <br />Recommendation: Acceptable <br />Issues — Teachers Credit Union has asked <br />to modify the City's Standard Contract for <br />Sale of Land and Quit Claim Deed for <br />Private Redevelopment to remove <br />provisions not applicable to this <br />transaction. Teachers Credit Union bid is <br />subject to the preparation and execution of <br />a Purchase Agreement and Deed <br />containing terms and conditions consistent <br />with their proposal. <br />Recommendation: Acceptable —The <br />final document should be negotiated with <br />the Commission's attorney and brought <br />back to the Commission for final approval. <br />The Leighton Plaza Parking Garage is <br />constructed on a portion of the property <br />covered by the Parking Lot Lease and <br />Amendment. <br />HAWPDATA \COMMSN\021999.M1N -11- <br />