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4. New Business a. Authority approval of Resolution No 24 approving a proposed Lease for certain land and public improvements between the South Bend Redevelopment Authority, as Lessor and the South Bend Redevelopment Commission. as Lessee and approving preliminary plans, specifications and cost estimates for the projects. Mrs. Kolata explained that Resolution No. 24 approves an attached Lease and approves the plans, specifications and cost estimates for projects to be paid for from the Lease/Purchase Bond. The Lease includes, as exhibits, a series of legal descriptions for property where the bond proceeds will be spent. The projects are in the Airport Economic Development Area. There are four major activities which are being proposed. Mrs. Kolata explained the four projects: 1) Financing the construction of internal roads in the Airport Economic Development Area to open up land for the business/corporate/office area. The proposal is to construct two loop roads into the area and to extend Mayflcxaer Road south of Old Cleveland Road for an estimated total of $4,237,000. ~J 2) Acquisition of approximately 10 parcels of land. Acquisition, relocation, and clearance is estimated to cost between $1.2 million and $1.6 million. 3) Extension of Viridian Drive and improvements to Viridian Lake. We propose to extend Viridian Drive approximately 200 feet. Viridian Lake is a man made drainage lake which was not completed by the Industrial Foundation. The estimated cost of the road extension is $160,000 and the improvements to the lake are estimated to cost $215,000. These improvements will open up more lots for business development. 4) Improvement of the intersection at Brick and New Cleveland Roads and extension of water, sewer and the construction of a sewage lift station at Brick and Cleveland. Penz Realty owns about 70 acres north of New Cleveland at Brick which they intend to develop into a light industrial park. The cost of these improvements is estimated at $150,000. We intend to apply to the state for a grant of $75,000 toward the cost of the improvements. The plans and specifications for these improvements were on hand at the meeting for inspection by anyone interested in looking at them. Mrs. Kolata noted that it may not be possible to do all of these projects with the bond proceeds. If not, some will be cut or altered, but it is necessary to have them described in the Lease if they are being considered. Over the next several months we will be refining cyst estimates to determine how much can be done.