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$617,000, or just under one year of holding costs for Redevelopment. Without Curtis' interest in the <br />site, it is reasonable to believe it could take at least a year to find another business who may be able <br />to make the building work for their purposes. While the site has been well maintained by Bosch, it is <br />an older facility and its low ceiling heights make it less desirable for many businesses. <br />Curtis Products is a local family owned business started in 1959 and operates out of 180,000 square <br />feet in 4 buildings located just southeast of the downtown in the Monroe Park area. The two years of <br />no rent provides Curtis Products an opportunity to market their property before having to pay rent at <br />the Bosch site. Curtis Products currently has 324 employees. They recently filed a tax abatement <br />petition indicating they will be investing $675,000 in new equipment and adding another 9 jobs. It <br />seems highly fitting that a growing, locally owned company finds this former Bendix facility to meet <br />their needs for continued growth. <br />Staff requests approval of the Letter of Intent — summary of Lease Terms and authorization to <br />proceed with preparation of a Lease with an option to purchase. <br />F Cubed MOU 11 .6-12 What We Do Today Makes A Difference! <br />