[CPEO-MEF] U.S. ARMY & INAAP REUSE AUTHORITY SIGN PROPERTY CONTROL LEASE

[CPEO Moderator <cpeo@cpeo.org>]

FOR IMMEDIATE RELEASE

MEDIA CONTACT:
Amy Sandfort
502) 589-0123 receptionist
502) 814-5016 direct line
asandfort@bch.com

U.S. ARMY & INAAP REUSE AUTHORITY SIGN PROPERTY CONTROL LEASE



JEFFERSONVILLE, IN-An Army ceremony to commemorate a historic Master
Lease signing commenced at 10:00 a.m. at the Lakeside Clark Maritime
Center on July 14, 2003.  The Master Lease signed on May 2, 2003, is an
agreement between the INAAP Reuse Authority and the United States Army
for 6000 acres that once housed the Indiana Army Ammunition Plant
in Clark County, Indiana.

The Reuse Authority has site control over the property for 25 years with
an option to renew the lease for an additional 25 years.  Until the
approval of the Master Lease, the Reuse Authority was operating under a
year-to-year lease revocable at any time by the Army.  The Master Lease
is the result of 29 months of negotiations between the two parties.

Along with the Master Lease the Reuse Authority is also working to buy
major portions of the old ammunition plant.  Upon receipt of the title,
the Reuse Authority will be able to sell development sites to interested
businesses.  In the meantime, the Master Lease will enable the Reuse
Authority to lease sites to tenants giving the option to buy once the
Reuse Authority owns the land.

The Army remains responsible for cleaning up all environmental
contamination on the property.  Around $30,000,000 could be spent on the
elimination of the environmental contamination, most of which is
explosive in its nature.  The Army has already started its clean up
efforts.

The property that is being developed into a business park named the
River Ridge Commerce Center is likely to attract businesses such as
automotive parts, fabricated metal products, warehouse and distribution,
furniture manufacturing and processed food and beverages.  It is
estimated that 30 to 50 acres of land will be developed every year after
the infrastructure is in place.

Full development potential of the River Ridge Commerce Center will be
reached around the year 2012.  By 2012 the Reuse Authority will own the
real estate and the Army will have completed the environmental clean
up.  The maximum development potential for the site will be reached upon
completion of the east end bridge.

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