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South Bend Redevelopment Commission <br />Regular Meeting –October 2, 2009 <br /> <br />5. OLD BUSINESS (CONT.) <br /> <br />A. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />modified to more clearly explain the <br />transaction as a Lease Termination and <br />Settlement Agreement. Mr. Inks noted that <br />the Commission could try to deny TCU the <br />renewal option, but it is not clear whether we <br />would prevail. Our Legal Department <br />believes a settlement is appropriate. <br /> <br />5. The Agreement now includes the amount <br />to be paid of $686,000. <br /> <br />Mr. Inks noted that the Lease Termination <br />and Settlement Agreement allow the <br />Redevelopment Commission to achieve a <br />number of goals. <br /> <br />1. The property at 410 W. Sample St. will be <br />vacated by 2/15/10, allowing demolition to <br />proceed on schedule and combined with <br />Underground Pipe & Valve to achieve cost <br />efficiencies. <br /> <br />2. This will keep Ignition Park on track to be <br />available for new development in 2011. <br /> <br />3. The Studebaker Parts Inventory will be <br />preserved and continue to be available for <br />owners of Studebaker cars. <br /> <br />4. The Parts business will remain in South <br />Bend, the home of Studebaker. <br /> <br />The cost of this Settlement Agreement is <br />$686,000. As noted above the Commission <br />could contend TCU’s right to renew the <br />Lease, but the outcome is uncertain. If we <br /> 4 <br /> <br />