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and fiber optic capabilities throughout the site. Third, the Union Station building and the Ivy Tower building will be connected by way of the construction of a pedestrian tunnel between the facilities to physically connect the space. INNOVATION Already a patent holder for many of the new technologies proposed for implementation in this center, as well as the integration of a team of project partners and tenants that work and compete on the national and international stage, the hallmark of the Renaissance District will be innovation. By combining space to develop ideas, power to fuel the ideas and connectivity to integrate solutions across a variety of user and product platforms, innovation will be the driver of all that happens within the Renaissance District. On March 27th, the Redevelopment Commission approved Phase I of the Renaissance District project. Phase 1 contemplated the following five points which were the subject of a Memorandum of Understanding that was also approved at the March 27th Commission meeting. The five points included within the MOU were: > Phase 1 of the project includes a request to the Redevelopment Commission for the following: 1. Sell the former Millennium Environmental (ME) property to USTC for $43,500 (commission offering price) 2. Once site remediation is complete at the ME site, work with Indiana Department of Environmental Management to provide USTC with a comfort letter allowing USTC to purchase the Millennium Site without any environmental liability or claims of lien holders 3. Initiate and support the vacation of United Drive; work with adjacent property owners to maintain reasonable access 4. Construct the proposed communication and power duct bank from the Lafayette Blvd AEP substation north to a point of connection with the Ivy Tower or Union Station facility; extend south to Sample Street as part of the conduit construction project for Ignition Park 5. The construction of the power duct bank also includes the acquisition and installation of proposed components to support an upgrade of equipment capable of up to five Megawatts ( "5 MW ") as part of the IC Power System and it is contemplated that the cost of the proposed system will be $2.2 million dollars. > Phase I of the project requires the following from the USTC: 1. The $2.2 million would be repaid to the City over a 10 year period through a formula defined in the MOU which the City will measure the taxable investment and if there is a shortfall, the USTC will repay the difference in value. At the present time, City items 1 -5 are all in various levels of process and it is anticipated that they will be complete by early summer. With the completion of these elements, the private investment to begin developing the infrastructure grid for the project as well as construction and improvements at Union Station will begin to take shape. PHASE II — Renaissance District While Phase I of the project contemplated and worked to achieve two of the four core components of the project (Power, Connectivity), it is now time to present to the South Bend Redevelopment Commission with Phase II of the Renaissance District project . Phase II is about Space and Innovation. The key element of Phase II deals with the remediation, rehabilitation and repurposing of the Ivy Tower structure into the usable building inventory of South Bend. From a redevelopment perspective, there are two methods of facilitating redevelopment of a site -- (1) Raze and Wait or (2) Remediate, Rehabilitate and Repurpose. While the City has seen successes with the first type of redevelopment, several stellar projects in the City over the last several years were accomplished by the latter method, and Phase Il,of this project would fit in to that category.