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i <br /> I <br /> i <br /> South Bend Redevelopment Commission <br /> I Regular Meeting–September 25, 2014 <br /> I <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> 1 (3) continued... <br /> However, staff also wants to increase the scope of work to include design for Franklin and <br /> Garst Streets which will increase the cost $110,000 to a total of$170,000. <br /> 1 Upon motion by Ms. Schey, seconded by Mr. Downes, and unanimously carried, the <br /> Commission approved Resolution No. 3249 Approving and Authorizing the Execution of an <br /> Amendment to the Addendum to the Master Agency Agreement(Ignition Park Phase IB <br /> 1 Infrastructure– Supplement#2) <br /> qi <br /> (4) Option to Purchase Agreement(Great Lakes Capital–Lot 7 Ignition Park) <br /> 1 I Presentation for 6B(4), 6B(5), and 6B(6) was combined. Mr. Fielding explained this is a <br /> finalization of the disposition process begun in 2013. The property will be used to build a <br /> new multi-tenant complex—one of the tenants will be the ND Turbo facility—in Ignition <br /> Park. The purchase agreement is for the 13 acre parcel known as Lot 7 at a price of <br /> $225,000. The Option Agreement is for Lots 5 and 6-11 acres for$1,000/acre with 60 <br /> 1 months to close. If they exercise the option, the final price will be $26,500 (less the option <br /> I paid). We also have an Environmental Indemnification Agreement is still being tweeked. <br /> Plews, Schadley, Racher and Braun continue to act as our legal representation in <br /> environmental matters. Staff requests permission to continue working on that document and <br /> I obtain Commission signatures as needed so this project can close (perhaps as early as <br /> Itomorrow) and construction begin. <br /> Ms. Schey asked about the insurance settlements of about a year ago. Her recollection is the <br /> amount was approximately $5.8M and the funds were deposited into the Loss Recovery <br /> Fund (fund 227). Some of those funds have recently been used for projects such as Smart <br /> i Streets and the Vacant & Abandoned Initiative. She asked if we are being careful to ensure <br /> there will be funds available to cover future environmental issues as they may come up. <br />) Mr. Ford replied the Redevelopment Commission is paying back fund 227 approximately <br /> I $500,000. The philosophy on brownfield development is that we want to create a level <br /> i playing field so that the land that is now prejudiced because of the legacy of prior <br /> occupancy. We therefore have built into our TIF expenditure items such as vapor barriers <br /> and also work with potential developers to provide comfort letters to provide some <br /> protection from future lawsuits. We are very mindful of making sure we make sure we <br /> practice good stewardship in terms of our on-going environmental obligations. (Staff note: <br /> 1 Fund TIF is repaying is actually fund 209 Studebaker/Oliver Fund, not 227. These funds <br /> can still be used for environmental remediation.) <br /> j <br /> Dr. Varner asked if we purchase "stop-loss" insurance when we indemnify in the event <br /> something is found later. Mr. Ford replied we are making improvements in our EIA <br /> 7 <br /> I <br /> 2 <br /> i <br />