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South Bend Redevelopment Commission <br />Regular Meeting — August 19, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(1) continued... <br />Lease Agreement before the Commission are <br />the culmination of those discussions. <br />The documents outline the following <br />scenario: <br />1. <br />The Redevelopment Commission will <br />donate the former South Bend Stamping <br />Plant to TRANSPO. <br />2. <br />TRANSPO will contribute $4,000,000 <br />towards the demolition of structures and <br />remediation of the site. <br />3. <br />TRANSPO will construct a headquarters <br />and maintenance facility on 12.04 acres <br />of land on the former South Bend <br />Stamping Plant site. <br />4. <br />TRANSPO will lease to the <br />Redevelopment Commission the 26.19 <br />acres of land that will not be used for <br />development of the headquarters and <br />maintenance facility. The terms of the <br />lease involve payments of $200,000 per <br />year for 20 years. <br />5. <br />The Redevelopment Commission <br />reserves the right to sublease the property <br />for industrial development. <br />6. <br />The Redevelopment Commission will <br />take ownership of the 26.19 acres of <br />leased land at the completion of the lease <br />term. <br />The agreements will bring a significant <br />portion of the funding that is required to <br />demolish the former South Bend Stamping <br />Plant. Also, the addition of the Transpo <br />facility as the first development in the new <br />16 <br />