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227 W. JEFFERSON BOULEVARD <br />SUITE 1400 S. <br />SOUTH BEND, IN 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />SCOTT FORD, EXECUTIVE <br />July 8, 2015 <br />Mr. Tim Scott <br />President, South Bend Common Council <br />41h Floor, County -City Building <br />South Bend, IN 46601 <br />PHONE: 574235 -9371 <br />FAx: 574/235 -9021 <br />Filed i." lerks-s �I$i�e� <br />FJUL 08 2015 <br />CIN CLERK, BOi1Th FJEBdD, Ip4 <br />Re: Resolution to Approve Master Lease — River West Development Area <br />Portage Prairie <br />Dear President Scott: <br />Attached is a Resolution to approve a master lease between Developer GLC <br />Portage Prairie, LLC and the South Bend Redevelopment Commission (RDC). <br />The Resolution grew from an effort to address the lack of industrial space <br />available in our market. DCI staff proposed the terms of a potential Spec industrial <br />building to the Redevelopment Commission in October, 2014. Since that time we have <br />actively negotiated with multiple developers as to potential terms and the scope of the <br />project. We have been able to negotiate favorable terms with Great Lakes Capital which <br />has agreed to build a 200,000 square foot shell under an arrangement in which the RDC <br />will enter into a 5 year Master Lease backed by TIF funding. The terms of the lease are <br />outlined in the document attached to the Resolution as Exhibit A. <br />Following are the goals of this project: <br />• Enhance the City's ability to remain competitive in response to Economic <br />Development leads <br />• Capitalize on the momentum in the market <br />Create an opportunity for rapid job creation <br />• Utilize Class A industrial as a competitive advantage in marketing <br />Department of Community Investment staff request that the Common Council approve <br />the Master Lease, pursuant to Section 2.5 of Indiana Code 36 -7 -14 , in substantially the <br />form attached to the Resolution as Exhibit A subject to the following express limitations: <br />(a) the term of the Master Lease may not exceed sixty (60) months; and (b) the total <br />consideration paid by the Commission under the Master Lease may not exceed One <br />Million Six Hundred Seventy -Four Thousand Dollars ($1,674,000). <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JITIN KAIN PAMELA C. MEYER CHRIS FIELDING DONALD E. INKS <br />