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South Bend Redevelopment Commission <br />Regular Meeting -November 6, 2009 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(3) continued... <br />Leone feels fairly comfortable that it is not <br />an open-ended commitment with respect to <br />the engagement of McGuire, Craddock & <br />Strother. <br />Mr. Downes asked what our expectation was <br />of a settlement amount. Mr. Leone noted <br />that the case against historic insurance <br />policies was a case that made it to the Indiana <br />Supreme Court about a year ago. It <br />established our right to collect under some of <br />these historic policies. We are now back in <br />the negotiation phase, dealing with several <br />insurers that issued policies covering <br />Studebaker. The case here is with Cooper <br />Industries, determined to be a successor to <br />the Studebaker Corporation. Mr. Leone <br />believes the recovery will be six or seven <br />figures. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. King and unanimously can-ied, the <br />Commission approved the Engagement <br />Letter from McGuire, Craddock &Strother, <br />P.C. to serve a local counsel in connection <br />with the former Oliver Plow Works property <br />and South Bend's efforts to reach a <br />settlement with TIC United for <br />environmental conditions at that property. <br />D. West Washington-Chapin Development Area <br />There was no business in the West Washington- <br />Chapin Development Area. <br />COMMISSION APPROVED THE ENGAGEMENT <br />LETTER FROM MCGUIRE, CRADDOCK & <br />STROTHER, P.C. TO SERVE A LOCAL COUNSEL IN <br />CONNECTION WITH THE FORMER OLIVER PLOW' <br />WORKS PROPERTY AND SOUTH BEND'S EFFORTS <br />TO REACH A SETTLEMENT WITH TIC UNITED FOR <br />ENVIRONMENTAL CONDITIONS AT THAT <br />PROPERTY. <br />12 <br />