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<br /> <br />South Bend Redevelopment Authority <br />Special Meeting - September 10, 1992 <br />3. NEW BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata explained that this Addendum is an amendment <br />to the Lease related to the bonds that were issued in <br />1990. It eliminates a few paragraphs related to curb and <br />sidewalk work that was. not done; it clarifies some of the <br />work to be done in Monroe Park; it eliminates one property <br />that we decided not to acquire; it adds four additional <br />properties to be acquired (530 S. Carroll, 516 S. St. <br />Joseph, 611 Clinton, and 628 Rush Street); and it adds 600 <br />feet to the East Bank Walkway project along Madison <br />Center. <br />Mrs. Kolata explained that the reason we did not do the <br />curb and sidewalk work was that it was. to be a 50/50 <br />arrangement with the property owners and some property <br />owners did not want to pay their 50% and so the work was <br />never done. <br />Mrs. Kolata noted that the Redevelopment Commission acted <br />on this Addendum at its September 4 meeting. <br />i• <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved the Third <br />Addendum to Lease between the South Bend Redevelopment <br />Authority and the South Bend Redevelopment Commission <br />(South Bend Central Development Area Public Improvement <br />Project) . <br />d. Authority apt~roval requested for Sub-Lease between the <br />City of South Bend Indiana Department of Redevelopment <br />and Monroe Park Associates. <br />Mrs. Kolata explained that the Authority purchased land in <br />Monroe Park with the 1990 TIF bond and leased it to the <br />Redevelopment Commission. The Commission accepted a <br />proposal from Monroe Park Associates to develop the land. <br />This Lease is the document under which Monroe Park <br />Associates will accept the land. The Lease with the <br />Commission requires that the Authority approve the <br />disposition of the property. <br />U <br />Mrs. Kolata noted that Monroe Park Associates will pay for <br />the land over a twenty year period at $7,502 per year, <br />payable in advance. They will be constructing 57 <br />residential units which will look very much like <br />townhouses. <br />Upon a motion by Mr. Fewell, seconded by Mr. Gammage and <br />unanimously carried, the Authority approved the Sub-Lease <br />-3- <br />