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South Bend evelcpwnt CcmAssion <br />Regular Meeting - September 14, 1990 <br />6. NEW BUS S5 (Cont.) <br />a. conTinueu... <br />ind trial park that is proposed in the <br />are i north of New Cleveland Rd. The cost <br />of these improvements is estimated to be <br />$15),000 and we are currently working on <br />an pplication to the State of Indiana <br />for approximately half of that amount. <br />The total cost of these projects is <br />probably more than we'll be able to <br />finance and we will have to refine the <br />pro ects and cost estimates and to crane <br />down from that. None of the plans are <br />100 definite. Under the terms of the <br />1 , we are determining that lease <br />payi ents from the Comnission to the <br />Autliority are reasonable. That is the <br />subject of`the public hearing. The lease <br />has a maximm+ semi - annual rental <br />installnent of $900,000. The lease may <br />not exceed 22 years and the lease <br />payments would begin when the project is <br />ccq)leted or January 28, 1992. The <br />p semi annual lease payments are <br />graduated and are listed in the lease. <br />The first payment would be approximately <br />$14 ,400. <br />Ms. Auburn opened the Public Hearing for <br />anyone who desired to be heard regarding <br />the proposed lease between the South Bend <br />Redevelopment Connnission and the South <br />Berxi Redevelopment Authority in the <br />AirJ)ort Economic Development Area. <br />: discussion on the public hearing <br />Mr. Piasecki asked Mrs. Kolata <br />what land was being considered for <br />Ms. Kolata stated that we will need to <br />buy land before we can construct the <br />pub Lic improvements. There are two <br />possibilities. One is acquisition of just <br />exxxxgh land for the right -of -way. The <br />second would be to purchase as many as 10 <br />coq)lete parcels of land. <br />-5- <br />