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South Bend Redevelopment Commission <br /> Regular Meeting—August 14, 2014 <br /> 5. OLD BUSINESS <br /> There was no Old Business. <br /> 6. NEW BUSINESS <br /> A. South Bend Central Development Area <br /> There was no business in the South Bend Central Development Area. <br /> B. Airport Economic Development Area <br /> (1) Economic Development Agreement with Norres North America Inc. <br /> Mr. Fielding noted that on May 15, 2014 the Commission approved the terms of a <br /> development agreement with Norres North America Inc. and authorized staff to reduce those <br /> terms to a development agreement and equipment lease. Those are the documents before the <br /> Commission today. This German specialty hose maker has completed negotiations for the <br /> building,they've entered into a lease-to-buy, with the goal to buy the building within 24 <br /> months. They have committed to creating 26 jobs with a pay range of$24 to $30/hr. The <br /> Commission has committed $200,000 in TIF funds to purchase equipment to be leased back <br /> to Norres. All standard clawbacks do apply. <br /> Mr. Varner asked about the range of jobs shown as 26-40 listed and wondered if there is <br /> space there for expansion. Mr. Fielding responded that there is space in the plant that is <br /> being used by another tenant. The tenant understands that it must move within two years. <br /> Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br /> Commission approved the Economic Development Agreement with Norres North America- <br /> Inc. <br /> (2) Equipment Lease Agreement with Norres North America Inc. <br /> Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the <br /> Commission approved the Equipment Lease Agreement with Norres North America Inc. <br /> (3) Resolution No. 3225 approving and authorizing the execution of an Addendum to the <br /> Master Agency Agreement(Noble Americas South Bend Ethanol LLC Project) <br /> Mr. Relos noted that the Commission approved an Economic Development Agreement with <br /> Noble Americas at the July 24 meeting. Resolution No. 3225 now sets up the standard <br /> agency agreement with the Board of Public Works for creating bid specifications, bidding <br /> and awarding the bid for the equipment the city will purchase in a not-to-exceed amount of <br /> $2M. Staff requests approval of Resolution No. 3225. <br /> 4 <br />