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12-07-07 Redevelopment Commission Minutes
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12-07-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -December 7, 2007 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(3) Commission approval requested for <br />Resolution No. 2417 approving the <br />Addendum to the Agreement for the <br />transfer of real property from the City of <br />South Bend, Indiana Redevelopment <br />Commission. (Transpo) <br />Ms. Kolata noted that the property involved <br />is in the area of the former stamping plant <br />along Franklin Street in the Studebaker <br />Corridor. Our original agreement with <br />Transpo was to sell the entire site for $1M <br />and they would build their new bus <br />maintenance facility and offices on that site. <br />Transpo would then lease back the remaining <br />acreage to the Commission. Transpo would <br />use about 12 acres. The Commission would <br />then pay $200,000 a year for twenty years <br />adding up to the $4M price. They have now <br />asked for almost eight acres of additional <br />land. This addendum allows them to <br />purchase the 7+ acres of land for about <br />$245,000. The rest of the transaction remains <br />the same. Transpo will close on the property <br />before spring and begin construction on their <br />new building. The City will construct <br />approximately $1.6M worth of roads and <br />utility infrastructure before the end of 2008 <br />to assist the project. <br />Mr. King asked if the reduced space left for <br />the City is adequate for the vision we had for <br />the area. Ms. Kolata said it was. Because <br />Transpo is paying a full price for the land we <br />will not lose income. The acreage we list as <br />available will not really be available until the <br />roads are put in. We will still have 40-50 <br />acres of land available for development. We <br />40 <br />
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