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South Bend Redevelopment Commission <br /> Regular Meeting—January 24, 2013 <br /> 6. NEW BUSINESS <br /> A. South Bend Central Development Area <br /> (8) continued... <br /> Karl King that Holladay's claim of this meeting is true and the outcome of the meeting was <br /> to seek modification of the lease to cease requirements for payment by Holladay. <br /> Accordingly, this request of the Redevelopment Commission is to terminate the lease for <br /> this parking lot. <br /> Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br /> Commission approved the Termination of the Parking Lot Lease with Holladay Properties <br /> for art of 217 S. Main St. <br /> (4) Ground Lease/MOU Estoppel Certificate and Agreement <br /> Explaining Items 6.C.(4), (5) and (6), Mr. Inks noted that this property is currently owned by <br /> an out-of-state investment group and is being sold to another investment group. The <br /> property is occupied by 1st Source Bank and several office tenants. The Doubletree Hotel is <br /> a separate property and not part of this transaction. The estoppels are to provide the <br /> purchaser with information on the current status of various documents, including the Ground <br /> Lease and Memorandum of Understanding, among others. These estoppels indicate that all <br /> the terms of these documents are currently being met to the best of the Redevelopment <br /> Commission's knowledge. He asked for approval of the three estoppel certificates. <br /> Mr. Richard Nussbaum, outside counsel for the Commission, who had handled the review of <br /> the Estoppel Certificates and Agreements, provided his comments about the documents. <br /> Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br /> Commission approved the Ground Lease/MOU Estoppel Certificate and Agreement and <br /> authorized Mr. Inks, Director of Redevelopment, to sign the final document. <br /> (5) Operation, Maintenance and Easement Agreement Estoppel and Release <br /> Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br /> Commission approved the Operation, Maintenance and Easement Agreement Estoppel and <br /> Release and authorized Mr. Inks, Director of Redevelopment, to sign the final document. <br /> (6) Construction, Easement, Restriction and Operating Agreement Estoppel and Release <br /> Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br /> Commission approved the Construction, Easement, Restriction and Operating Agreement <br /> Estoppel and Release and authorized Mr. Inks, Director of Redevelopment, to sign the final <br /> document. <br /> 6 <br />