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South Bend Redevelopment Commission <br />Regular Meeting —May 15, 2014 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />of the St. Vincent DePaul property.$5,875.Staffrequests approval of an amount not to <br />exceed $6,000. <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission approved the proposal for professional services to replat two LaSalle Square <br />parcels. (Unity Gardens/St. Vincent DePaul in an amount not to exceed $6,000. <br />(2) Development Agreement with Lippert Components Manufacturing for capital <br />investment and job creation at the former A. J. Wright facility. <br />Mr. Fielding noted that Lippert Components will be moving to the former A. J. Wright <br />facility. They've agreed to create 380 jobs over the next ten years and occupy the entire <br />building for the same period. We have a negotiated development agreement for approval <br />today which clearly defines the Commission's investment, our expectations of the company <br />and what their expectations of the Commission are. The development agreement includes as <br />an attachment the Equipment Lease Agreement. <br />Mr. Varner asked if there are claw -back provisions in the agreement. Mr. Fielding <br />responded that there are the standard claw -back provisions for failure to meet the job <br />creation or to move into the facility will result in a fine of 1.5 times the city's investment in <br />the equipment. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br />Commission approved the Development Agreement with Lippert Components <br />Manufacturing for capital investment and job creation at the former A. J. Wright facility. <br />(3) Equipment Lease Agreement with Lippert Components Manufacturing. <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br />Commission approved the Equipment Lease Agreement with Lippert Components <br />Manufacturing. <br />(4) Economic development updates. <br />Mr. Fielding reported on two economic development projects that have been in the works <br />for some time, and are now ready for Commission consideration of the terms of a <br />development agreement. <br />DCI staff, in partnership with the Chamber of Commerce and the Indiana Economic <br />Development Commission (IEDC), has been working with the executives from the Norress <br />4 <br />