3 Minutes 1/24/13 meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — January 24, 2013 6. NEW BUSINESS A. South Bend Central Development Area (8) continued... Karl King that Holladay's claim of this meeting is true and the outcome of the meeting was to seek modification of the lease to cease requirements for payment by Holladay. Accordingly, this request of the Redevelopment Commission is to terminate the lease for this parking lot. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Termination of the Parking Lot Lease with Holladay Properties for art of 217 S. Main St. (4) Ground Lease /MOU Estoppel Certificate and Agreement Explaining Items 6.C.(4), (5) and (6), Mr. Inks noted that this property is currently owned by an out -of -state investment group and is being sold to another investment group. The property is occupied by l st Source Bank and several office tenants. The Doubletree Hotel is a separate property and not part of this transaction. The estoppels are to provide the purchaser with information on the current status of various documents, including the Ground Lease and Memorandum of Understanding, among others. These estoppels indicate that all the terms of these documents are currently being met to the best of the Redevelopment Commission's knowledge. He asked for approval of the three estoppel certificates. Mr. Richard Nussbaum, outside counsel for the Commission, who had handled the review of the Estoppel Certificates and Agreements, provided his comments about the documents. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Ground Lease /MOU Estoppel Certificate and Agreement and authorized Mr. Inks, Director of Redevelopment, to sign the final document. (5) Operation, Maintenance and Easement Agreement Estoppel and Release Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Operation, Maintenance and Easement Agreement Estoppel and Release and authorized Mr. Inks, Director of Redevelopment, to sign the final document. (6) Construction, Easement, Restriction and Operating Agreement Estoppel and Release Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Construction, Easement, Restriction and Operating Agreement Estoppel and Release and authorized Mr. Inks, Director of Redevelopment, to sign the final document. no