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South Bend Redevelopment Commission Regular Meeting —June 26, 2014 6. NEW BUSINESS (CONT.) A. South Bend Central Development Area (1) continued... attachment, the city was able to recover $30,825 which covered all of the rent and common area maintenance that was due and owing under the lease through the lease termination date of June 30, 2014. The balance claimed in the lawsuit then was simply for the late fees that had accrued for the last six months. The owners of The Vine contacted the city and proposed a settlement of the lawsuit, that being the payment of $2,000 in additional money, a release of the attached property, and allowing The Vine until July 7 to remove its property. The city is prepared to go forward with a request for proposals on the property next week with a response date of July 22. Staff requests approval of the $2,000 settlement and dismissal of the lawsuit. Upon a motion by Mr. Varner, seconded by Mr. Inks and unanimously carried, the Commission approved the settlement with The Vine restaurant and dismissal of the lawsuit. B. Airport Economic Development Area (1) Memorandum of Understanding with Nello Inc. Mr. Fielding noted that the staff has negotiated a development agreement with Nello Inc. which will construct a building north of the ethanol plant. They are committing to 524jobs over the next ten years and the retention of 40 managerial jobs in downtown South Bend. The agreement outlines the Redevelopment Commission's investment as described at the May 15 meeting, and the clawback provisions which will commence if the company's commitments are not met. Staff requests approval of the Memorandum of Understanding. Ms. Schey asked for clarification on the number of jobs to be created. She thought the original estimate was 280. Mr. Fielding responded that when they report jobs they will do so on a yearly basis, so there are benchmark milestones. In year five when they build their expansion, they have committed to hiring 280 employees. Over the course of the full ten years they are committing to 524 jobs. Upon a motion by Mr. Downes, seconded by Ms. Schey and unanimously carried, the Commission approved the Memorandum of Understanding with Nello Inc. (2) Staff report on economic development in the Airport Economic Development Area Mr. Fielding noted that staff has negotiated terms for a Redevelopment Commission investment at the South Bend International Airport. The airport is a critical asset to our community. With the recent announcement introducing the new South Bend international gates, it will give our local businesses access to global markets and give our staff the ability to attract new businesses to our community. We've been working with the Airport