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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 />building and allows the first phase of the <br />project to be built. <br />Staff requests approval of the concept and <br />will bring back an MOU for approval at a <br />later meeting. <br />Mr. Downes asked if the funds used would <br />be TIF dollars. Mr. Schalliol responded they <br />would be AEDA TIF funds. <br />Mr. Downes asked if there would be an <br />annual taxable investment over a ten year <br />period. Mr. Inks responded that there would <br />be. There will be private investment in the <br />amount of $7.5 million. <br />Mr. Downes asked if the MOU would <br />stipulate a look back after three or four years. <br />Mr. Schalliol responded that it would be a <br />graduated phase -in. <br />Mr. Schalliol noted that Phase 2 and Phase 3 <br />of the project are discussed below. The <br />details have not been worked out, but will be <br />presented later when they are. <br />Phase 2 of the project anticipates a future <br />request to the Redevelopment Commission to <br />consider the following: <br />1. Obtain a Phase I & II Environmental <br />Survey of the Ivy Tower Building, and enter <br />into an Environmental Agreement regarding <br />remediation of the Ivy Tower Building and <br />property. A total cost for the environmental <br />29 <br />