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South Bend Redevelopment Commission <br />Regular Meeting - December 3, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />Through hard work and cooperative effort <br />between Mr. Lambert, the loan officials at <br />Teachers Credit Union, the loan officials <br />of South Bend's Division of Business <br />Assistance and Development, through <br />Community and Economic Development <br />Office along with the appropriate officials <br />of the City of South Bend and officials of <br />the Studebaker National Museum, Inc. a <br />loan package of $1, 700, 000 has been <br />approved to assist Studebaker Autoparts <br />Sales Corporation in their planned move <br />to this facility. Part of the credit approval <br />process provides for working capital <br />support to the business as well. <br />Since this building has a historical tie to <br />the operating history of Studebaker <br />Corporation, we ask you to turn your <br />attention to the plans that Mr. Lambert <br />has obtained from the contractor who will <br />be doing work for Studebaker Autoparts <br />Sales Corporation at this site. Mast <br />Construction has an excellent reputation, <br />and they have a special interest in working <br />on this project. <br />Since the $1, 700, 000 loan package has <br />been through the complete approval <br />process with each of the lenders involved, <br />we are quite comfortable in confirming to <br />you SASCO's ability to complete this <br />project so they can be an operating entity <br />at the site for years to come. <br />c -5- <br />