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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Office of the Mayor <br /> <br />NEWS RELEASE <br />October 2, 2009 <br />9:30 a.m. <br /> <br />Agreement, land sale keep momentum for Ignition Park <br /> <br />Contact: <br />Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876- <br /> <br />1564, or Don Inks, Director of Economic Development, 235-9371 <br /> <br />A plan that will keep assets of the Studebaker Autoparts Sales Corp. (SASCO) in South <br />Bend will prompt the Redevelopment Commission to consider an agreement to terminate <br />the lease of a facility at 410 W. Sample St., allowing the relocation of the auto parts. <br /> <br />In addition, the Commission will consider acquiring additional property at the northeast <br />corner of the 140-area development area for Ignition Park, the portion of South Bend’s <br />dual-site state-certified technology park located in the former Studebaker corridor. <br /> <br />Both moves will enable continued demolition of outdated facilities on space designated <br />for Ignition Park, making the entire property available for new development as early as <br />2011. <br /> <br />“These steps, although separate and distinct, have the effect of continued forward <br />momentum for the development of Ignition Park,” said Don Inks, director of economic <br />development for the City’s Department of Community and Economic Development. “In <br />particular, the SASCO agreement will allow the building along Sample Street to be <br />vacated early in 2010 and demolished in combination with Underground Pipe and Valve <br />to achieve cost efficiencies.” <br /> <br />City staff recommend the approval of a $686,000 settlement agreement with Teachers <br />Credit Union. TCU which acquired SASCO’s assets in a Sept. 15 auction, has an <br />agreement with a private party for the sale of the auto parts inventory and related assets, <br />which would keep the parts in South Bend and available for purchase by owners of <br />Studebaker cars. According to SASCO’s web site, the inventory includes more than <br />30,000 part numbers in stock for post-World War II Studebaker vehicles. <br /> <br />The settlement between the Redevelopment Commission and TCU means TCU would <br /> <br />