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South Bend Redevelopment Commission <br />Regular Meeting -November 21, 2008 <br />6. NEW BUSINESS (CONT.) <br />D. West Washington-Chapin Development Area <br />(1) continued... <br />Agreement with South Bend Heritage <br />Foundation for consulting services related to <br />the West Washington Chapin Development <br />Area. <br />E. South Side Development Area <br />There was no business in the South Side <br />Development Area. <br />F. Northeast Neighborhood Development Area <br />(1) Sub-Sublease and Memorandum of Lease <br />with Kite Realty Eddy Street Garage, <br />LLC. <br />Mr. Inks noted that the Redevelopment <br />Authority leased the land from Kite Realty <br />Eddy Street Garage, LLC; the Authority then <br />leased to the Commission the land plus <br />improvements the Authority is building on <br />the land. The Commission went through a <br />disposition process for the parking garage <br />and offered it for lease. There were no bids <br />received. In accordance with the <br />Development Agreement for Eddy Street <br />Commons, this is the Lease and <br />Memorandum of Lease of the Parking <br />Garage to Kite Realty Eddy Street Garage, <br />LLC. <br />The lease term matches the term of the <br />bonds, 20 years. Lease payments are to be <br />$1 per year, but Kite will be responsible for <br />all maintenance, insurance, property taxes <br />and operations of the garage, all in <br />12 <br />