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South Bend Redevelopment Commission <br />Regular Meeting —March 13, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(7) continued... <br />construction project for Ignition Park. <br />5. Construction of the power duct bank <br />also includes the acquisition and installation <br />of proposed components to support an <br />upgrade of equipment capable of up to five <br />Megawatts ( "5 MW ") as part of the IC Power <br />System. It is contemplated that the cost of the <br />proposed system will be $2.2 million dollars. <br />Phase 1 of the project requires the following <br />from the USTC: <br />1. The $2.2 million would be repaid to <br />the City over a 10 year period through a <br />formula defined in the MOU. The city will <br />measure the taxable investment. If there is a <br />shortfall, the USTC will repay the difference <br />in value. <br />Staff today requests support for the land sale, <br />the vacation of United Drive, and a $2.2 <br />million dollar investment in the power and <br />conduit network onto the site. The $2.2 <br />million dollars would be repaid to the City <br />over a ten year period through a formula <br />being developed which will be defined in the <br />MOU which will allow the city to measure <br />the taxable investment and for all the <br />development that happens in the RD to a <br />point that would pay back that $2.2 million <br />dollars. Any difference between the value of <br />the taxable investment and the $2.2 million <br />dollars would be paid by USTC. A way to <br />guarantee the money for Phase I has covered <br />itself, allows for power to be brought to the <br />28 <br />