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South Bend Redevelopment Commission <br />Regular Meeting - November 03, 2000 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />The amendment states that construction shall be <br />substantially completed and qualify for the award <br />of a Certificate of Completion on or before June <br />01, 2001. <br />Upon a motion by Mr. Faccenda, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved the request for an <br />Addendum to Agreement for Lease and <br />Development of Real Property By and Between <br />the South Bend Redevelopment Commission and <br />Studebaker Autoparts Sales Corporation dated <br />January 7, 2000. <br />c. Commission approval requested for <br />Subordination Agreement between Bank One, <br />Indiana, NA and the City of South Bend, <br />Department of Redevelopment. ( Draga <br />Investments, LLC) <br />Mr. Inks explained that the Commission <br />conveyed a parcel of land to Draga Investments, <br />LLC with a Contract for Sale of Land, which <br />causes the land to revert back to the Commission <br />if Draga doesn't meet the performance <br />requirements of the Contract. In order for Bank <br />One, Indiana, NA to lend to Draga, Bank One <br />requires the Commission's right to the property <br />be subordinated to Bank One's right. The staff <br />recommends approving the Subordination <br />Agreement so that Draga can borrow the money <br />necessary to complete the project. <br />So <br />COMMISSION APPROVED THE REQUEST FOR <br />AN ADDENDUM TO AGREEMENT FOR LEASE <br />AND DEVELOPMENT OF REAL PROPERTY BY <br />AND BETWEEN THE SOUTH BEND <br />REDEVELOPMENT COMMISSION AND <br />STUDEBAKER AUTOPARTS SALES <br />CORPORATION DATED JANUARY 7, 2000 <br />