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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />I. South Side Development Area <br />continue ... <br />the Commission are engaged in doing some <br />improvements on Ireland Road. It is <br />necessary to acquire a portion of a parcel of <br />property owned by Wenningson LLC in <br />order to complete these improvements As <br />the Commission utilizes a portion of the <br />Wenningsonproperty, it will have reduced <br />area and accordingly, would like to expand to <br />the area located west of the existing property. <br />The property that is located to the west that <br />Weggingson desires is currently owned by <br />Lock Joint Tube. Lock Joint Tube is willing <br />to dispose of its property and instead, expand <br />its operations at a site in the Sample-Ewing <br />Development Area more commonly known <br />as the Kokoku Wire property. The City <br />anticipates acquiring the Kokoku Wire <br />property from its current owner, the <br />Industrial Revolving Fund which received <br />this property through a default by the prior <br />owner. ,. After the City, acting through the <br />Redevelopment Commission, acquires the <br />Kokoku Wire property, there would be a <br />three-way swap among Lock Joint Tube, the <br />Commission and Wennengson that would <br />ultimately permit the Ireland Road <br />improvements to proceed. Resolution No. <br />2242 approves aform ofnon-binding <br />Memorandum of Understanding which <br />contains all of the intended terms. This is the <br />first step that is needed in order to permit the <br />City to execute any necessary access <br />agreements that will permit the City to get <br />onto the Ireland Road property and <br />commence construction of the improvements <br />to Ireland Road. <br />24 <br />