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The South Bend Redevelopment Authority <br />June 18, 2008 Meeting Minutes <br />Mr. Hill believes we have covered the interest of the bond holders by special <br />provisions on an annual basis the adequacy of the insurance is insured and second, <br />by extending the lost rental value insurance that covers the period of time for the <br />garage to be rebuilt from two years to five years. We think five years protects any <br />possible contingency that we could think of. The City's interests are well <br />protected because we want a parking garage there. Kite can't complete their <br />financing without the assurance that the garage will be there. <br />Mr. Inks said that should there be a catastrophe and the garage couldn't be rebuilt <br />and the bonds had to be repaid, one of the ways they have worked together with <br />Kite is that they will provide their own casualty insurance policy. This policy will <br />only pay out in the event that within the five years the garage is not able to be <br />rebuilt their policy will provide the cash necessary to rebuild the structure. <br />Because Kite. pushed to extend the insurance to five years, they have agreed to pay <br />half of the insurance. The casualty insurance gets passed on to the Commission. <br />and part of that casualty insurance for the garage will get passed back to Kite for <br />the operating of the garage. The City is always responsible for casualty insurance <br />for a structure that it builds. <br />Upon a motion by Ms. Pfotenhauer, seconded by Mr. Thomas, the Authority <br />unanimously approved the Parking Garage Lease with Kite Realty Construction, <br />LLC <br />5. NEXT MEETING DATE: July 2, 2008 <br />6. ADJOURNMENT <br />There being no further business to come before the Redevelopment Authority the meeting <br />was adjourned at 1:50 p.m. <br />G/~_ <br />Jose Alvarez, resident D nald I s, Director <br />H:\WPDATA\AUTHORTY\061808.MIN.DOC 3 <br />