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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 />for a site in the Oliver Industrial Park. <br />The net purchase price will be <br />$1,495,440. <br />? <br /> <br />The 1100 Corporation will purchase 6.32 <br />acres in the Oliver Industrial Park at a <br />price of $20,500 per acre. <br />? <br /> <br />Commission agrees to pay costs <br />associated with ground compaction of the <br />Oliver Industrial Park site. <br />? <br /> <br />The real estate closing on both properties <br />will take place within two days of all <br />conditions being met. The closing is to <br />take place by July 1, 2009. <br />? <br /> <br />Underground Pipe & Valve will receive <br />$205,000 in relocation payments once the <br />move to the new location is complete. <br />? <br /> <br />The existing building will be leased back <br />to The 1100 Corporation for $1 per <br />month until the move to the new building <br />is completed. <br />? <br /> <br />A Groundwater Monitoring Access <br />Agreement (Exhibit G) will allow the <br />Commission to monitor existing <br />groundwater wells in the future. <br />? <br /> <br />The 1100 Corporation will not seek real <br />property tax abatement for the initial <br />36,000 square foot building at the Oliver <br />Industrial Park site. <br />? <br /> <br />The Commission agrees to provide <br />crushed stone to be used as base for the <br />storage yard area that will be asphalted. <br />There is a large amount of crushed <br />concrete at the former stamping plant site <br />that will be provided. This should be <br />sufficient but the Agreement provides <br />that the Commission will pay for any <br /> 9 <br /> <br />