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South Bend Redevelopment Commission <br />Regular Meeting –April 3, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Airport Economic Development Area <br /> <br />(5) continued… <br /> <br />? <br /> <br />Underground Pipe & Valve, Inc. has <br />been in business since 1977. The <br />company is a distributor of pipes, valves, <br />and lift station equipment. Other product <br />lines include; automatic meter reading <br />systems, line stops, PVC water and sewer <br />pipe, fire hydrants, water meters, <br />manhole frames and covers, back flow <br />preventers, couplings and grinders. The <br />company has distribution centers in Fort <br />Wayne, Kalamazoo and Schererville. It <br />has fifty employees, 27 of whom work at <br />the Prairie Avenue location. <br /> <br />Ms. Kolata noted that the purchase price of <br />$1,625,000 was negotiated and includes <br />compensation for the approximately five <br />acres of heavy duty paving, additional <br />fencing with masonry pillars on the south <br />side of the property and landscaping that the <br />City required for the storage yard. In <br />addition, they have agreed to not request tax <br />abatement for the construction of the 36,000 <br />square foot building. A map showing the <br />current and new location of Underground <br />Pipe & Valve is attached to this report. <br /> <br />Funds from the U.S. Department of Housing <br />and Urban Development for the <br />Studebaker/Oliver Development Project will <br />be used for property acquisition and <br />relocation. The Section 108 Loan has funds <br />budgeted for this acquisition and relocation. <br />Additional funds from HUD’s Economic <br />Development Initiative grant will be used for <br />site prep at the Oliver site. <br /> 11 <br /> <br />