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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Teachers Credit Union will release all <br />rights to this area (the north 28 feet of Lot <br />27) in exchange for a five -year agreement <br />to lease 16 parking spaces in the Leighton <br />Plaza Garage at a rate of $22.00 per space <br />per month. <br />Recommendation: Acceptable —The <br />staff recommends that, as payment for <br />release of these rights, the City will pay <br />the difference between $22 and the <br />monthly parking rate for a five -year <br />period. The total cost of this payment, <br />assuming the current monthly parking rate <br />of $35, is $12,480. <br />The staff recommends accepting the bid <br />from Teachers Credit Union. <br />Ms. Schwartz stated that the bid from <br />Teachers Credit Union brings into current <br />reality and recognizes current <br />circumstances on a project which the City, <br />the Redevelopment Commission and <br />Teachers Credit Union started back in <br />1984. At that time, Teachers Credit <br />Union was at a location outside of <br />downtown South Bend. Teachers Credit <br />Union's members were very much keen on <br />having immediate parking availability. At <br />the time the Agreement was entered into <br />back in 1984, there was not a large <br />parking garage of the City's being <br />constructed next door to Teachers Credit <br />Union; <br />HAW PDATA \COMMSN\021999.M1N -12- <br />