2 Minutes 11/29/12 meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting—November 29, 2012 Mr. Davis asked where else Mr. Shakespeare has done work. Mr. Perri said he could not name the places right now,but would be happy to provide Mr. Davis with Mr. Shakespeare's resume. Mr. Davis was interested in the approach to fundraising that would be used. Mr. Perri responded that we won't know the total cost of the project until after this phase II design work and cost estimating is done,but a very rough estimate is that it would cost between $300,000 and $500,000. Ms. Jones and Mr. Alford were also concerned that neighbors of the proposed lighting be included in the decision making. Mr. Perri responded that they have already been at the table. Mr. Downes said he was very excited about the prospect of this project. There have been conversations about this idea for a long time. He commended Mr. Perri for carrying it forward. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the proposal from Shakespeare Lighting Design for design services for River Lighting Project. C. Airport Economic Development Area 1) Letter of Intent from Curtis Products to Lease Bosch site. Mr. Inks noted that for well over a year he has been showing the Bosch facility, wondering what we might have to do with the site when Bosch leaves to protect and maintain it, all the while hoping that would never come to pass. Today Mr. Inks is very pleased to announce that we have a Letter of Intent that has been executed by Curtis Products to lease the entire Bosch site with an option to purchase it. Curtis Products is a local, family-owned business started in 1959 that operates out of 180,000 square feet in 4 buildings located just southeast of the downtown in the Monroe Park Industrial Park. They have over three hundred employees. A summary of the lease terms are: Curtis Products would have a twelve year lease with the first two years at no rent and subsequent years at market rates or slightly above; Curtis Products would have the option to buy the site for$1,350,000 at any time during the first two years. The Letter of Intent also provides for the Redevelopment Commission to provide$250,000 for improvements to the building to be determined in conjunction with Curtis Products. The Commission is being asked to approve the terms of this Letter of Intent and authorize proceeding with the preparation of the lease for the site. Mr. Inks noted that Bosch will be returning possession of the site to Redevelopment at the end of this year. The target date for Curtis Products to take possession is May 1, 2013. Therefore, there will be an interim period where Redevelopment will be responsible for the site. At the next Commission meeting he expects to have a proposal for property 7