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South Bend Redevelopment Commission <br />Regular Meeting –May 15, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />location to the southeast edge of Ignition <br />Park to free up more land for other potential <br />development. As part of the Termination <br />Agreement, the Commission is agreeing to <br />pay back to Transpo its $1,000,000 down <br />payment for the Stamping Plant property. <br />This was used to pay part of the demolition <br />costs. Under the Contract for Purchase and <br />Sale of Real Estate for the new site, Transpo <br />will pay $648,000 ($30,000 per acre for the <br />21.6 acre site). The Commission’s actions <br />proposed will cancel the previous agreement <br />and enter into a totally new agreement. <br /> <br />Transpo’s new building will be 165,000 sft, <br />including office, maintenance, and inside bus <br />storage. It will replace their current facilities <br />on Northside Boulevard, parts of which are <br />over one hundred years old. The new <br />building will be a “green” facility. They are <br />trying for LEAD Platinum certification. <br />They will be taking advantage of <br />technologies: using solar for a lot of interior <br />lighting, reusing drainage water for bus <br />washing, etc. <br /> <br />Both Mr. Hardy and Ms. Kolata appreciated <br />the cooperation of all involved to facilitate <br />this change of plans. Transpo will be <br />considering matching resolutions at its <br />meeting May 18. Two properties needed for <br />the Transpo site have not yet been acquired. <br />Once they are acquired, closing is expected <br />by June 18. <br /> <br />Mr. Gibney noted what a great event this is. <br /> 12 <br /> <br />