HomeMy WebLinkAboutagenda item 2016 0310 rdc 02bITEM: 2.13.
SOUTH BEND REDEVELOPMENT COMMISSION
SPECIAL MEETING
March 2, 2016
9:30 a.m. 227 West Jefferson Boulevard
Presiding: Marcia Jones, President South Bend, Indiana
The meeting was called to order at 9:31 a.m.
1. ROLL CALL
Members Present:
Members Absent:
Legal Counsel:
Redevelopment Staff:
Others Present:
2. NEW BUSINESS
Marcia Jones, President
Don Inks, Secretary
Gavin Ferlic
David Varner, Vice President
Greg Downes
John Anella
Benjamin Dougherty, Esq.
David Relos, Associate If
Tracy Oehler, Recording Secretary
Elizabeth Leonard -Inks, Director
Aaron Kobb, Director
Shawn Peterson
A. River West Development Area
(1) Acceptance of Personal Guaranty of Kevin Smith Regarding Memorandum of
Understanding #1 and Approval of Third Amendment to Environmental
Agreement Regarding Ivy Tower Building (City of South Bend, Indiana Board
of Public Works; Union Station Properties LLC; Studebaker Building 84, LLC;
RDistrict One LLC; RDistrict One Master Tenant LLC)
Mr. Dougherty stated the Acceptance of Personal Guaranty of Kevin Smith regarding
the Memorandum of Understanding #1 (MOU #1) is a late addition to the agenda.
Mr. Kobb stated on October 22, 2012, the Redevelopment Commission and Board of
Public Works entered into an Environmental Agreement regarding the Ivy Tower
Building with Union Station Properties, L.P. Since that time, two amendments have
been entered into in order to add related parties to the original agreement. In order
to satisfy financing requirements, this third amendment would add RDistrict One LLC
and RDistrict One Master Tenant LLC as parties to the Agreement. This third
South Bend Redevelopment Commission
Special Meeting — March 2, 2016
Page 2
amendment does not change, modify, amend, or revise the terms and conditions of
the original Environmental Agreement.
Mr. Dougherty stated part of this amendment includes the recitation of the history of
the entities involved. The original contracting entity was called Union Station, L.P.,
and in August 2015, it was converted into a limited liability company of the same
name. This history of conversion of entities is documented in the third amendment,
which changes the relationship of Kevin Smith as the primary signatory. The
personal guaranty confirms the fact that despite the conversion of entities, Kevin
Smith is continuing to stand by his previous obligation with the newly formed LLC
entity to make the payments under MOU #1. This additional step is to give the
Commission additional reassurance.
Upon a motion by Secretary Inks, seconded by Commissioner Ferlic the motion
carried 3 -0 (Vice President Varner and Commission Downes absent), the
Commission approved the Acceptance of Personal Guaranty of Kevin Smith
regarding Memorandum of Understanding #1 and approval of the Third Amendment
to the Environmental Agreement regarding Ivy Tower Building with the City of South
Bend, Indiana Board of Public Works; Union Station Properties LLC; Studebaker
Building 84, LLC; RDistrict One LLC; and RDistrict One Master Tenant LLC.
(2) Approval of the Preparation of Title Report and Supporting Documentation for
122 Michigan Street (Meridian Title Corporation)
Mr. Relos stated Meridian Title is able to supply not only title reports, but is also able
to supply the supporting documents for title exceptions that appear on the report. In
order for staff to fully understand the nature of these recorded items, it is necessary
to receive copies of the documents so they may be reviewed. These copies may be
obtain through the Recorder's Office, which is time consuming and expensive, or by
Meridian Title. Meridian Title is able to provide this information as it appears on the
title report allowing them to simply click on the link to view the document and to save
it electronically.
The title report for 122 Michigan Street has 14 title exceptions, mainly easements,
leases, and agreements between the Redevelopment Authority, Redevelopment
Commission, and Bond Trustees. Meridian's cost to provide these documents is
approximately $605 depending of the total number of pages.
Upon a motion by Commissioner Ferlic, seconded by Secretary Inks the motion
carried 3 -0 (Vice President Varner and Commission Downes absent), the
Commission approved the preparation of title report and supporting documentation
for 122 Michigan Street with Meridian Title Corporation in an amount not to exceed
$605.00.
South Bend Redevelopment Commission
Special Meeting — March 2, 2016
Page 3
3. NEXT COMMISSION MEETING
Thursday, March 10, 2016, at 9:30 a.m.
4. ADJOURNMENT
The meeting was adjourned at 9:38 a.m.
Aaron Kobb, Director of Economic Resources Marcia I. Jones, President