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Redevelopment commission approves Concord Mall lease amendment to allow sale of former J.C. Penney parcel
Summary
Development Services Director Mike Huber told commissioners the amendment would release the former J.C. Penney parcel from the commission’s lease so the developer can sell it to Lear Corporation; the commission approved the amendment and authorized execution at closing.
Elkhart City’s Redevelopment Commission on March 10 approved an amendment to the lease at the former Concord Mall that will release the former J.C. Penney parcel from the commission’s lease upon the property’s sale.
Mike Huber, Development Services Director for Elkhart City, said the original lease supported more than $20 million in developer investment in revitalizing the Concord Mall site and directed about $2 million toward infrastructure, parking and landscaping improvements. He told commissioners the developer, Concord Elkhart LLC, has applied for a PUB amendment to split the parcel containing the former J.C. Penney and sell that parcel to Lear Corporation rather than continue leasing it.
Under the approved Amendment No. 1, the areas of parking and the parcel identified as the Lear site will be released from the commission’s lease on the date of closing of the sale. Commissioners moved, authorized the form of the amendment and approved its execution.
The amendment does not change the commission’s other lease terms at the Concord Mall site, and staff said the release would be effective at closing. Staff did not provide a closing date during the public session.
