HomeMy WebLinkAbout6C(4) SASCO Lease Extension~ c c~)
• ~OTB
~ ~~~1~7/~~0
Community & Economic Development ~'. ;,~'
~ /8f5 ~
1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Sasco extension request
Date: February 05, 2010
On September 18, 2009, the Commission approved the Lease Termination and Settlement
Agreement with Teacher's Credit Union for the old Studebaker Engineering building at the
corner of Franklin and Sample, which houses the Studebaker auto parts collection.
This Agreement called for a termination date of February 14, 2010, to allow for the orderly
move of the auto parts collection. This move is going very well, but because of the sheer
magnitude of the collection, the purchaser of the auto parts has asked for a one month
extension to complete the move.
Section 4 of the Agreement requires that an extension be approved in writing by both the
Redevelopment Commission and TCU. TCU is agreeable to this extension.
Because the granting of this extension will not effect the demolition schedule for this
building or the old Foundry, Staff requests approval of this extension.
What We Do Today Makes A Difference!
i~«_~
J
City of South Bend
Community & Economic Development
Mr. Don Inks
County-City Building
South Bend, IN
46601-1830
January 29, 2010
Re: Former SASCO building Lease Termination and Settlement Agreement
Extension request for the Termination Date
Dear Mr. Inks:
The relocation of the assets from the former SASCO property is going well. We would be happy
to arrange another tour of the property for you or your staff. Studebaker International, Inc. has
requested an extension of the time to ensure an orderly and efficient completion of the project.
The lease Termination and Settlement Agreement between Teachers Credit Union (TCU) and
the City of South Bend, Indiana, Department of Redevelopment (City) defines the Termination Date of
February 14, 2010. Studebaker International, Int., the company moving the assets, has requested an
extension of the Termination Date to March 15, 2010.
Section 4 of the Lease Termination and Settlement Agreement requires that an extension be
approved by TCU and the City in writing. Please respond in written form with your response to the
Termination Date extension request so we can communicate the Termination Date expectations to
Studebaker International, Inc.
Thank you for your cooperation in this matter. Please call me at 284-6219 if I can be of any
assistance.
Sincerely,
~.._.
Chad Douglass
Commercial Loan Officer
Cc: Mark Noeldner
Mike Hardy, esq.