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The Redevelopment Authority December 18, 2013 Meeting Minutes b. Authority approval of the second amendment to the Development Agreement for Eddy Street Commons Mr. Relos said the Redevelopment Commission approved this agreement at its meeting on December 12. The original agreement was signed by Kite, the Commission and Authority and the City in 2008 right before the economic downturn. The original agreement needed to be modified. They waited to see how things developed, the impact on property values and when it might be completed because of the economic downturn. Today we see the huge impact that Eddy Street Commons has had — the amount of people that have been employed and the taxes that have been generated from it and the overall economic impact it has generated. This second amendment focuses on the second hotel, the current hotel, various completion dates, and clarification of remaining infrastructure. After the Authority's approval it will go to the Board of Public Works. They are planning on breaking ground on the second hotel this spring. Mr. Alvarez asked for clarification between the direct and indirect impact of the development. Mr. Relos explained the pay received for doing the construction work would be direct benefit and the indirect benefit would be workers spending the money they earned in the city. Mr. Alvarez also asked about the condos being eliminated above the hotel. Mr. Relos said they are not doing the condos above the hotel but are planning an additional sixty flats directly south of the existing hotel. The original agreement specified so many units to be built. With the market the way it is the flats will be better than condos at this time. Financing of condos is difficult — 80% need to be presold before a developer can get financing. Mr. Relos said there is a high demand for all of the housing units that have been built in various price ranges. They are selling as fast as they are built. Upon a motion by Mr. Alvarez, seconded by Mr. Thomas, the Authority approved the second amendment to the Development Agreement for Eddy Street Commons. C. Authority approval of Resolution No. 186 appointing authorized representatives to approve and execute plats and conduct other administrative acts on behalf of the City of South Bend, Indiana, Department of Redevelopment Mr. Meteiver said this is an annual resolution that expedites business in the city without asking the Authority to come in when plats and other small items need a signature. The resolution is updated to include Chris Fielding, Brock Zeeb and Dave Relos to execute the various administrative documents. This resolution expires the end of 2014. S:\ COMMMVESTMANAGEMENT\ADMMISTRATI VE WORKING FILES \REDEVELOPMENT AUTHORITY ADMM92013\I21813.MIN.DOCX