6D(5) Lease Agreement - Oliver Plow Partners

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Community & Economic Development 60UTN 8 ,L 1865 µ 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Matthew Sikora, Economic Development Planner Subject: Lease Agreement — Oliver Plow Partners, LP Date: April 26, 2011 Attached for approval is the Lease Agreement between the South Bend Redevelopment Commission and Oliver Plow Partners, L.P. for a proposed development in Oliver Industrial Park. The "Contract for Purchase and Sale" of 4.64 acres of land in Oliver Industrial was approved during the Redevelopment Commission meeting on April 12, 2011. As part of its commitment, the Commission agreed to utilize up to $200,000 to complete necessary site improvements. Redevelopment staff, in conjunction with the Department of Engineering, have been working closely with the developer to identify these improvements and associated costs and to outline the bidding process and construction timelines. The purpose of the Lease Agreement is to allow improvements to the site to be made in a way that satisfies the project's time constraints and allows for greater coordination and implementation of the Commission's commitment. The Lease Agreement does not significantly alter the terms of the Contract (or commitments made by each party therein) that was approved on April 12, 2011. Staff seeks approval of the Lease Agreement by the Commission. What We Do Today Makes A Difference!