HomeMy WebLinkAboutagenda item 2015 0507 rda 03aITEM: 3.A.
Department of
Community Investment
Memorandum
May 7, 2015
TO:
FROM:
SUBJECT:
South Bend Redevelopment Authority
David Relos, Economic Resources
Consent and Subordination of Leases -Eddy Street Commons parking garage
This Consent and Subordination of Leases (Consent) is between the Redevelopment Authority,
Redevelopment Commission, and Kite Realty Eddy Street Garage LLC (Kite).
This Consent will allow a Parking Easement Agreement to be entered in to between Kite and
the University of Notre Dame, allowing parking spaces in the Eddy Street garage to be reserved
for the accommodation of customers for the full service hotel, to be constructed at Eddy Street
Commons.
This full service hotel is the second hotel planned for Eddy Street Commons, and will complete
the planned components of Phase I.
Because the Redevelopment Authority is party to certain leases with the Redevelopment
Commission and Kite related to the parking garage, the Authority is being asked to consent to
and make the leases subordinate to the Parking Easement.
The Parking Easement will allow an exclusive easement for 285 parking spaces for the hotel,
and a non-exclusive easement for vehicular and pedestrian ingress/ egress in the garage.
Staff requests approval of the Consent and Subordination of Leases.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV
Consent and Subordination of Leases
Kite Realty Eddy Street Garage, LLC, an Indiana limited liability company ("Landlord"),
and the South Bend Redevelopment Authority, a separate body corporate and politic and an
instrumentality of the City of South Bend, Indiana ("Master Tenant"), are parties to that certain
Lease dated November 18, 2008, as evidenced by that certain Corrective Memorandum of Lease
dated December 30, 2008, and recorded on January 5, 2009, as Instrument 0900201, with the St.
Joseph County Recorder's Office (collectively, the "Lease"), by which Landlord leased to Master
Tenant certain real property described in Exhibit A attached hereto (the "Garage"). Master
Tenant and South Bend Redevelopment Commission, governing body of the South Bend
Department of Redevelopment (the "Sub-Tenant"), are parties to that certain Lease dated
October 15, 2007 (collectively, the "Sub-Lease"). Sub-Tenant and Kite Realty Eddy Street
Garage, LLC, an Indiana limited liability company (the "Sub Sub-Tenant"), are parties to that
certain Sub-Sublease dated December 30, 2008 (collectively, the "Sub Sub-Lease"). Landlord,
Master Tenant, Sub-Tenant and Sub Sub-Tenant do hereby grant their consent in all respects to
the FS Hotel Parking Easement Agreement dated as of April 27, 2015, between Landlord, as
grantor, and University of Notre Dame Du Lac, an Indiana non-profit corporation, as grantee (the
"Easement Agreement"), and agree and consent that said Lease, Sub-Lease and Sub Sub-Lease
are hereby mage subject and subordinate to the Easement Agreement, provided, however, that
such subordination is strictly limited to the leasehold interests in the Garage and no other real
property. Master Tenant, as the owner of Garage, does hereby grant its consent in all respects to
the Easement Agreement and hereby agrees that its ownership interest in the Garage shall be
subject to the Easement Agreement.
[SIGNATURE PAGE FOLLOWS.]
IN WITNESS WHEREOF, the undersigned have executed this Consent and Subordination
of Leases this_ day of , 2015.
STATE OF INDIANA
COUNTY OF ----
)
)
)
SS.
KITE REALTY EDDY STREET GARAGE, LLC,
an Indiana limited liability company
By:
Thomas K. McGowan, President and Chief
Operating Officer
On this _ day of , 2015, before me, a notary public for. said State and
County, personally appeared Thomas K. McGowan, President and Chief Operating Officer of
Kite Realty Eddy Street Garage, LLC, an Indiana limited liability company, who acknowledged
the execution of the foregoing instrument on behalf of said limited liability company.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
[Notarial Seal]
(Signature) Notary Public
(Printed Name)
My Commission Expires: County of Residence:
ATTEST:
Erin Hanig, Secretary-Treasurer
STATE OF INDIANA
COUNTY OF ___ _
)
)
)
SS.
SOUTH BEND REDEVELOPMENT AUTHORITY,
a separate body corporate and politic and an
instrumentality of the City of South Bend, Indiana
By:
Richard Klee, President
On this_ day of , 2015, before me, a notary public for said State and
County, personally appeared Richard Klee and Erin'Hanig, the President and Secretary-Treasurer
of the South Bend Redevelopment Authority, a separate body corporate and politic and an
instrumentality of the City of South Bend, Indiana, who acknowledged the execution of the
foregoing instrument on behalf of said entity.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
[Notarial Seal]
(Signature) Notary Public
(Printed Name)
My Commission Expires: County of Residence:
Donald E. Inks, Secretary
STATE OF INDIANA )
) SS.
COUNTY OF ~.~§EPlt-)
SOUTH BEND REDEVELOPMENT COMMISSION,
governing body of the South Bend Department of
Redevelopment
By:
On this :30#day of .AFR•L-, 2015, before me, a notary public for said State
and County, personally appeared Marcia I. Jones and Donald E. Inks, the President and Secretary
of the South Bend Redevelopment Commission, governing body of the South Bend Department
of Redevelopment, who acknowledged the execution of the foregoing instrument on behalf of
said entity.
Notary Public
My Commission Expires: County of Residence:
~~bVf~'L ~nder the penalties of perjury that I have taken reasonable care to redact each Social
~ecunty Number in this document, unless required by law. April Sparks Pyatt
This instrument was prepared by, and after recording, return to: April Sparks Pyatt,
ICE MILLER LLP, One American Square, Suite 2900, Indianapolis, IN 46282.
Exhibit A
Description of Garage
A PART OF THE NORTH HALF OF THE NORTHWEST QUARTER OF SECTION 6,
TOWNSHIP 37 NORTH, RANGE 3 EAST, CITY OF SOUTH BEND, PORTAGE
TOWNSHIP, ST. JOSEPH COUNTY, INDIANA, DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF LOT NUMBER 2 OF THE PLAT OF
"EDDY STREET COMMONS MAJOR SUBDIVISION (SECTION ONE)" RECORDED AS
DOCUMENT # 0828220 IN THE OFFICE OF THE RECORDER OF ST. JOSEPH COUNTY
INDIANA, SAID POINT ALSO BEING ON THE SOUTH RIGHT-OF-WAY LINE OF
ANGELA BOULEY ARD THENCE CONTINUING ALONG SAID SOUTH RIGHT-OF-WAY
LINE FOR THE NEXT THREE (3) COURSES, N. 88°23'08" E., 8.58 FEET, AND N.
65°41'36" E., 36.85 FEET, ANDS. 89°21'11" E., 242.69 FEET; THENCE S. 00°34'09" W.,
237.32 FEET TO THE POINT OF BEGINNING OF THIS DESCRIPTION; THENCE S.
89°58'57" E., 290.53 FEET; THENCE ALONG A NON-TANGENT CURVE TO THE LEFT
HAVING A RADIUS OF 200.00 FEET, AND HAVING AN ARC DISTANCE OF 5.03 FEET,
TO THE END OF A CHORD BEARING S. 01°22'00" W., AND HAVING A DISTANCE OF
5.03 FEET, THENCE S. 00°38'39" W., 24.20 FEET; THENCE ALONG A CURVE TO THE
LEFT HAVING A RADIUS OF 1000.00 FEET, AND HAVING AN ARC DISTANCE OF
62.63 FEET, TO THE END OF A CHORD BEARINGS. 01°08'50" E., AND HAVING A
DISTANCE OF 62.62 FEET, THENCE ALONG A CURVE TO THE RIGHT HAVING A
RADIUS OF 1000.00 FEET, AND HAVING AN ARC DISTANCE OF 16.44 FEET, TO THE
END OF A CHORD BEARINGS. 02°28'14" E., AND HAVING A DISTANCE OF 16.44
FEET, THENCE N.89°58'57" W., 69.99 FEET; THENCE S. 00°01'01" W., 140.67 FEET;
THENCE N. 89°58'57" W., 355.42 FEET; THENCE N. 00°01'03" E., 248.92 FEET; THENCE
S. 89°58'57" E., 133.28 FEET; TO THE POINT OF BEGINNING.