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The Redevelopment Authority <br />September 3, 2008 Meeting Minutes <br />way for Part of DeRue Court & part of Lot AA of the Hall of Fame & Chocolate <br />Cafe Minor Subdivision. <br />b. Resolution No. 171 approving the transfer of real property to the South Bend <br />Redevelopment Commission <br />Mr. Inks said this is part of the Hall of Fame property to be transferred for the REI <br />development. Ms. Laurent said Resolution No. 171 transfers the thirteen feet to <br />the Redevelopment Commission. <br />Upon a motion by Ms. Pfoterihauer, seconded by Mr.Alvarez, the Authority <br />approved Resolution No. 171 approving the transfer of real property to the South <br />Bend Redevelopment Commission. <br />c. First Amendment to Development Agreement (Kite Realty Group, L.P.) <br />Mr. Inks said there are two changes to the development agreement. The first one is <br />in Section 1.5. The call date changed to May 20, 2008. The call date was a <br />provision for an early refunding if the project did not proceed. If they couldn't <br />come through with the leases on the hotels and the land from the university then <br />we had an option of refunding all the bonds and canceling out of the project. Since <br />we went a couple of days past the due date they wanted to change the date and <br />formalize it. <br />The second change was in Exhibit Q, which outlined the right-of--way that the City <br />would be obtaining from the developer and would be responsible for maintaining <br />as right-of--way as part of the project. The exhibit outlines the new right-of--way <br />which is less than the original right-of--way. This pulls back the City's <br />responsibility. The developer realized that the right-of--way had gone beyond our <br />original intent and worked with us to redraw the boundaries. <br />Upon a motion by Ms. Pfotenhauer, seconded by Mr.Alvarez, the Authority <br />approved the First Amendment to Development Agreement. <br />d. Memorandum of Lease (Kite Realty Eddy Street Garage, LLC) <br />Mr. Inks said we approved the lease of the garage site with Kite. A memorandum <br />of the lease is much more cost effective to record than the whole lease. Ms. <br />Greene said the memorandum is usually referenced in the agreement and it <br />references the essential terms of the lease. If additional information is needed the <br />memorandum states where the lease can be found. <br />H:\WPDATAW UTHORTY\090308.MIN.DOC <br />2 <br />