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South Bend Redevelopment Commission <br /> Regular Meeting—November 29, 2012 <br /> 6. NEW BUSINESS <br /> C. Airport Economic Development Area <br /> 2) continued... <br /> requirement is part of the MOU. The equipment lease will provide for them a seven year <br /> lease. The Commission will continue to (technically) own the equipment. The disposition is <br /> by lease, not by sale, so if they don't live up to their promises, the Commission has the <br /> ability to reclaim the equipment and have F Cubed pay the 150%. <br /> Mr. Downes said he wanted to make the point that this arrangement is virtually risk free to <br /> the city. <br /> Mr. Davis asked the meaning of the term "local public improvement." Mr. Rompola <br /> responded that the term is not well defined in the statute, which is to the benefit of the <br /> Commission. The Commission has some flexibility to decide what"improvements" they can <br /> offer that will lead to capital investment and job creation. <br /> Upon a motion a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, <br /> the Commission approved Resolution No. 3109 regarding the disposition of certain personal <br /> property and matters related thereto. <br /> 3) Resolution No. 3106 approving the Fair Market Value Property in the Airport <br /> Economic Development Area (1202 S. Lafayette Blvd.) <br /> Mr. Relos noted that, unlike the previous personal property, this is the standard way to begin <br /> the disposition process on real property. This property used to be called the old International <br /> Harvester Building, or after that Tool Doctor. The building has since been demolished. It is <br /> offered as a clear site. <br /> Upon a motion by by Mr. Downes, seconded by Mr. Varner, and unanimously carried, the <br /> Commission approved Resolution No. 3106 approving the Fair Market Value Property in the <br /> Airport Economic Development Area (1202 S. Lafayette Blvd.) <br /> 4) Approval of Bid Specifications and Design Considerations for property located at 1202 <br /> S. Lafayette Blvd. <br /> Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br /> Commission approved the Bid Specifications and Design Considerations for property located <br /> at 1202 S. Lafayette Blvd. <br /> 5) Authorization to publish Notice of Intended Disposition of Property with publication <br /> dates of December 7 and December 14, 2012 and Opening of Bids at 9:30 a.m., January <br /> 10, 2013. (1202 S. Lafayette Blvd.) <br /> 12 <br />