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not exercise its right to a five-year renewal option of the lease. Instead, it will enable the <br />relocation of the SASCO assets at no cost to the City. The settlement cost is less than the <br />$965,680 economic value of the current lease. The settlement also means the <br />Redevelopment Commission has no further responsibility for the significant costs of <br />disposing the assets or relocating them from the current site. <br /> <br />The SASCO assets have been housed in the former Studebaker Engineering Building <br />since being relocated in 2000 from a building that was demolished to make way for the <br />construction of the St. Joseph County Jail. Both the former Engineering Building and the <br />Studebaker Foundry (now home to Underground Pipe and Valve) are scheduled for <br />demolition to make way for Ignition Park. Because Ignition Park could be a potential <br />home for sensitive nanoelectronics-related technologies, City officials say it is essential <br />to complete all demolition work near Ignition Park before businesses could be in <br />operation. <br /> <br />In addition to the TCU settlement, the Redevelopment Commission will consider the <br />purchase of the former Airgas Great Lakes Inc. pressurized tank-filling facility at 912- <br />1002 S. Lafayette Blvd. Located along the east side of Lafayette, just south of Sample <br />Street, the property is located at the northeast edge of the development area for Ignition <br />Park. The business ceased operations in South Bend earlier this year. <br /> <br />Along with the 12-acre Innovation Park at Notre Dame, Ignition Park makes up Indiana’s <br />first two-site state-certified technology park. <br /> <br />- 30 - <br /> <br /> <br /> <br />