Robert Bosch Corp. to Pay South Bend More Than $2M
Created by on 3/29/2013 5:00:20 AM


SOUTH BEND, Ind. (AP): A maker of automotive parts and consumer goods that has left South Bend before its lease was up has agreed to pay the northern Indiana city more than $2 million.
 
The South Bend Tribune reports the city's Redevelopment Commission on Thursday approved a lease termination agreement with the Robert Bosch Corp. Bosch will pay the city a total of $2,073,155.04. That includes a $1.3 million penalty for breaking the lease and $746,072 to repay the balance on a loan taken out by the city in 2000 to make improvements to the property.
 
Bosch also must continue to make payments to the city on a $538,508 loan from the state.
 
The company moved out of the city in December, leading to a loss of about 250 jobs.