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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Dr. Martin Luther King Jr. Blvd. to GLC in exchange for long-term parking accommodations at the roughly 640- <br />space Leighton Garage, located west of Jefferson Centre across S. Michigan Street. <br />1. 75-Year Parking Lease Agreement: The Commission would lease 27 standard reserved parking spaces in <br />the Leighton Garage at no charge to the owner of the Jefferson Centre Building for a term of 75 years to <br />essentially replace the parking spaces at 333 N. Dr. Martin Luther King Jr. Blvd. Should the Leighton <br />Garage become unusable during the lease term, the Commission would provide equivalent parking in a <br />nearby City-owned facility (if available) or pay liquidated damages. The lease requires the owner to <br />remain in good standing with the City, and the spaces may only be used by Jefferson Centre tenants and <br />guests. <br />2. 30-Year Parking Lease Agreement: A second lease agreement would provide 53 standard reserved <br />parking spaces in the Leighton Garage at no charge to the owner of the Jefferson Centre Building for a <br />term of 30 years. Other terms of this 30-year lease are equivalent to those in the 75-year lease. <br />3.Property Transfer Agreement, 333 N. Dr. Martin Luther King Jr. Blvd.: Upon execution of the parking <br />lease agreements, the parcel will be transferred to GLC, thereby completing the land assembly required <br />for the Madison Lifestyle District. This agreement also secures an exclusive option for the Commission to <br />purchase the parcel for $1 should GLC fail to fulfill its obligations under the March 2024 Development <br />Agreement. <br />Securing 333 N. Dr. Martin Luther King Jr. Blvd. is essential to realizing the full vision of the Madison Lifestyle <br />District. Moreover, these agreements offer a meaningful opportunity to support the continued economic <br />viability of the Jefferson Centre Building and the S. Michigan corridor.