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fund which can receive contributions and grants for purposes of <br />assisting New Energy by partially defraying the costs of making the <br />site more suitable for industrial use. The special fund shall be <br />utilized by the City for relocation of the Indiana and Michigan <br />electric utility lines at the site. New Energy will cooperate with <br />the City to establish the requisite ownership of the site to permit <br />full utilization of the special funds as provided in I.C. 36 -7 -13. <br />The estimated cost of this relocation as of the date of execution of <br />this agreement is Seven Hundred Fifty -Five Thousand ($755,000.00) <br />dollars. The City's commitment herein to create a special fund to <br />pay the costs of electric utility relocation should State funds not <br />be available to the City, or available to pay only a portion of the <br />cost of relocation, is based on commitments to contribute to the fund <br />received by the City from private entities. <br />5. New Energy agrees as follows: <br />A. New Energy shall exercise its option to purchase the <br />site and shall construct an ethanol production facility on the site, <br />the construction of which shall constitute an investment of at least <br />One Hundred Fifty One Million ($151,000,000.00) dollars. Con- <br />struction of the facility shall be initiated no later than thirty <br />(30) days after receipt by New Energy of its final United States <br />Department of Energy loan guarantee commitment. Within sixty (60) <br />days of the date of the execution of this agreement, New Energy shall <br />provide the City with a Critical Path Schedule for the construction <br />of the project, which schedule shall provide for the mechanical <br />completion of the ethanol production facility within thirty (30) <br />months of initiation of construction. The Critical Path Schedule <br />shall be made a part of this agreement and incorporated herein. <br />B. New Energy will employ, at its South Bend location, <br />approximately one hundred and forty (140) employees, including <br />maintenance personnel, and will cooperate with the City and other <br />-7- <br />