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1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 • Phone 574/235-9371 • Fax 574/235-9021 <br />To: Redevelopment C/o~mmission <br />From: Ann KolataL~~~.(~/~~ <br />Subject: Agreements with Transpo <br />Date: May 12, 2009 <br />There are four items on the Redevelopment Connnission agenda related to the sale of land to <br />Transpo for construction of their new administrative offices and bus facility. These documents are: <br />1. A Commission resolution agreeing to terminate the Contract for Purchase and Sale of Real Estate <br />dated December 5, 2005 and amended December 17, 2007. This Agreement was for the former <br />Stamping Plant site. <br />2. The Termination Agreement for the former Stamping Plant site. <br />3. A commission resolution approving the execution of a Purchase Agreement for a new site for <br />Transpo located along Franklin and Lafayette Streets between Stull and Indiana <br />4. The Contract for Purchase and Sale of Real Estate for the new site. <br />The Commission previously agreed to sell the former Stamping Plant site to Transpo for construction <br />of their new Bus Maintenance and Operation Facility. This was intended to be part of the <br />Studebaker Industrial Park. However, once the University of Notre Dame was selected to be the <br />location for the Midwest Institute of Nanoelectronies Discovery (MIND) this area was re-designated <br />Ignition Park. Because nanotechnology equipment is highly sensitive, Transpo was asked to move <br />its location to the southeast edge of Ignition Park to free up more land for other potential <br />development in Ignition Park. <br />As pa;-t of the Termination Agreement we are agreeing to pay back to Transpo $1,000,000 that was <br />paid to us as a down payment on the purchase of the former Stamping Plant property. This was used <br />to pay part of the demolition costs of the building. Under the Contract for Purchase and Sale of Real <br />Estate Transpo will pay 5648,000 for the new site. This amounts to 530,000/acre for the 21.6 acre <br />site. Through the documents mentioned above, we are cancelling the previous agreement and <br />