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4 <br />Department of <br />*ACE <br />�� Community Investment <br />,.,.786Si r <br />Memorandum <br />Monday, December 09, 2013 <br />TO: Redevelopment Commission <br />FROM: Chris Fielding <br />SUBJECT: Bosch site sale to Curtis Products <br />The RDC took ownership of the former Bosch /Honeywell property located at 401 North Bendix with the <br />intention of entering into a long -term lease with Bosch. Bosch effectively terminated their lease with the RDC <br />as of 12/31/2012 and DCI immediately began to market the building to prospective companies. <br />DCI has been in negotiations with Curtis Products to relocate and expand their operations to this site since <br />late Spring 2013. In the meantime, DCI /RDC has been paying all management and holding costs on the <br />property while extensive environmental testing has been completed on the site at approximately $30,000 per <br />month. <br />As evident by the executed Purchase Agreement we have finalized negotiations and testing and would like to <br />move towards a closing in early 2014. Curtis has indicated they have no plans to move until March /April 2014 <br />due to weather and the ability to complete site work with the ground now being frozen. <br />In an effort to alleviate the high monthly charges and pass responsibility for routine /ongoing maintenance to <br />the purchaser we have agreed to share costs for Curtis to manage the property and pay all security and <br />utilities. The payment of $52,000 will be made to Curtis at closing cover a portion of their expenses for <br />quarter 12014. <br />The executed purchase agreement is being presented for consideration. <br />227 W. JEFFERSON BLVD, SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />