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Commissioners hear warning that Purdue Building may lose major tenant; officials discuss oversight and clawback language
Summary
A commissioner warned that a tenant (Go Electric/SAFT) may be closing, which could cut revenues for the Purdue Building/Flagship Enterprise Center. Commissioners discussed clawback language in the funding agreement and representation on the Flagship board and asked staff to monitor the situation.
Commissioners heard an off-agenda informational item raising concern about the potential loss of a major tenant at the Purdue Building (the Flagship Enterprise Center).
Unidentified Speaker 2 said former employees reported that SAFT (a French company that acquired Go Electric) may be shutting the local location. The speaker said losing that tenant would represent a substantial portion of the facility's rent and could leave the $16 million building underutilized.
Commissioners and staff noted the original redevelopment commission had ownership and later transferred the asset to Flagship; staff said there is 'clawback' language in the funding agreement that could be used if Flagship fails to meet agreed objectives. Unidentified Speaker 4 and others said David (Unidentified Speaker 4/5 referenced) serves as the city's representative to the Flagship board and suggested raising the issue with the mayor and placing it on a future agenda for monitoring.
No formal action was taken at the meeting, but commissioners requested staff to track the situation and consider agenda placement if the tenant departure becomes imminent.
