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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. The fee for these services is $5,875. Staff requests <br /> approval of an amount not to 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 />