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South Bend Redevelopment Commission <br />Regular Meeting - December 3, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />Mr. Lambert presented the following <br />narrative description for the Commission's <br />consideration. <br />Studebaker Autoparts Sales Corporation, <br />(SASCO) a business owned enterly by <br />Dennis O. Lambert, Sr., is proposing to <br />lease Building #92 for use as the sales <br />office and warehouse for the Studebaker <br />parts inventory that Mr. Lambert is in the <br />process of purchasing from the City of <br />South Bend. <br />Ironically, on December 8, 1963, the local <br />union was notified by the Studebaker <br />corporation president of the pending <br />closing of automobile manufacturing. <br />Now, some thrity -six years later almost to <br />the date, we are proposing to move a <br />Studebaker focused business back into <br />Building #92. <br />We are proposing a ten-year lease with <br />monthly rental payments of $100 <br />throughout the term of the lease. <br />We would like two five-year options for <br />extension of this lease. We understand it <br />will be a net lease, but we do want to <br />reserve the possibility of applying for a tax <br />abatement, as we have not been able to get <br />a specific figure as yet for the cost of the <br />real estate taxes on this parcel. <br />c -4- <br />