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South Bend Rcde~ clopmcnt Commission <br />Regular Meeting - No~~cmbcr ? I . ?008 <br />6. NEV1~ 6USINESS (CONT.) <br />D. ~~~est ~'1'ashington-Chapin Development Arca <br />(I) continued... <br />Agreement ~~~ith South Bend Heritage <br />Foundation for consultins sa~~~ices related to <br />the Wcst ~~'ashin~~ton ChaE~in Dc~~elo~~mcnt <br />.Arca. <br />G. South Side Development Area <br />There was no business in the South Side <br />Dc~~elopmcnt Arca. <br />F. NorthcasY Neighborhood Development Arca <br />(1) Sub-Sublease and ~1emorandum of Lease <br />..°ith Kite Rcalt~~ Gdd~ Street Carage, <br />LLC. <br />Mr. Inks noted that the Raley°clopment <br />Authority leased the land from Kite Realty <br />Eddy Strcct Garage. LLC': the Authority then <br />leased to the Commission the land plus <br />impro~~cments the Authority is building on <br />the land. The Commission ~~ent throush a <br />disposition process for the parking ~~arar!c <br />and offered it for lease. There ~1~crc no bids <br />rccci~~cd. ht accordance ~+~ith the <br />Dc~clopmcnt A~~rccmcnt for Edd_v Strcct <br />Commons. this is the Lease and <br />Memorandum of Lease of the Parkins <br />Garage to Kitc Realty Eddy Strcct Garage. <br />LLC. <br />The lease term matches the term of the <br />bonds. ?0 years. Lease payments arc to be <br />S I per year, but Kitc will be responsible for <br />all maintenance. insurance. property tales <br />and operations of the garage, all in <br />I? <br />