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08-28-14 Redevelopment Commisssion Meeting
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8/25/2014 10:55:52 AM
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1 <br /> EQUIPMENT LEASE AGREEMENT <br /> THIS EQUIPMENT LEASE AGREEMENT (this "Lease") is made as of the day <br /> of , 2014, by and between the SOUTH BEND <br /> REDEVELOPMENT COMMISSION ("Lessor"), organized and existing under Indiana Code <br /> 36-7-14, and UNIVERSITY OF NOTRE DAME DU LAC, an Indiana nonprofit corporation <br /> having its principal place of business in Notre Dame, Indiana ("Lessee"). <br /> RECITALS <br /> A. Lessor, the governing body of the City of South Bend, Indiana, Redevelopment District <br /> and the City of South Bend, Indiana, Department of Redevelopment, exists and operates under the <br /> provisions of Indiana Code Section 36-7-14, as amended from time to time (the "Act"). <br /> B. Lessor desires to foster redevelopment and economic development within the City of <br /> South Bend, Indiana (the "City"). <br /> C. Lessee is an institution of higher education which, among other things engages in various <br /> scientific research projects. <br /> D. Lessee desires to lease upon construction a building and the surrounding real estate (the <br /> "Facility")to be located within such real estate commonly known as Ignition Park and the Airport <br /> Economic Development Area of the City (the "Area") and to develop, equip and operate at the <br /> Facility a state-of-the-art gas turbine research facility to be known as "Notre Dame <br /> Turbomachinery Facility" (collectively, the "Project") <br /> E. In order to more fully develop and complete the Project,Lessee requires certain equipment, <br /> more particularly described in the attached Exhibit A (the "Equipment") to be used in connection <br /> with the Project. <br /> F. Lessor has acquired the Equipment, at a cost not exceeding Five Million Five Hundred <br /> Thousand ($5,500,000), from tax increment finance revenues ("TIF Revenues") from the Area. <br /> G. As a material inducement for Lessor to enter into this Lease upon the terms provided <br /> herein, and in connection with that certain Economic Development Agreement ("Development <br /> Agreement"), by and between Lessor and Lessee, the Lessee shall (i) upon delivery of the <br /> Equipment, prepay to the Lessor any rent due and owing under the Lease, not to exceed Two <br /> Million Seven Hundred Fifty Thousand and 00/100 Dollars ($2,750,000.00); (ii)promptly proceed <br /> with the Project by negotiating a lease with a landlord for the project site, and (iii) will create 57 <br /> new jobs within St. Joseph County, Indiana, with expected average hourly wages between <br /> Eighteen Dollars ($18) per hour and Twenty-Eight Dollars ($28) per hour. <br /> H. In connection with the foregoing, Lessee now desires to lease the Equipment from Lessor, <br /> and Lessor now desires to lease the Equipment to Lessee, upon the terms and subject to the <br /> conditions set forth in this Lease. <br />
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