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A1+ - 5pU7Ng Department of Community Investment Memorandum October 22, 2013 TO: Redevelopment Commission FROM: David Relos, Economic Resources SUBJECT: Resolution No. 3180 & Resolution No. 3181 Real property transfer to Jenna Hotel & PWA South Bend These Resolutions approve and authorize the transfer of property where the 1" Source Bank Building, Atrium, and Doubletree Hotel are located. In 1979, the City obtained an Urban Development Action Grant (UDAG) in the amount of $7,600,000. The UDAG funds, along with $21,960,000 in private funding, allowed the redevelopment of this blighted site into the iconic building that occupies it today. The UDAG funding required the Commission to retain ownership until project completion. Also in 1979, the Commission entered into Joint Development and Ground Lease Agreements with the respective parties (parties) for the development of the Office Building, Atrium, and Hotel. Prior to the signing of these Agreements, the property was taken through the disposition process, with no bids being received. In December 2010, the Commission approved a Memorandum of Understanding (MOU) with the parties. This MOU required improvements to the building, and upon completion of the improvements and the project overall, transfer of the property to the parties. Attending the meeting will be Dick Nussbaum, who will answer any questions the Commission may have. Staff requests approval of Resolution No. 3180 and Resolution No. 3181, and the transfer of this property to the parties. 227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV