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South Bend Redevelopment Commission <br /> Regular Meeting—March 27, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (4) continued... <br /> 4. that can be recaptured is <br /> limited to $5 million. <br /> Current status: <br /> The first Certified Tech Park Funds were <br /> received from the State on 12/20/11 in the <br /> amount of$812,791. This amount represents <br /> income taxes withheld from wages paid to <br /> employees located at the "Office Building," <br /> IPND and the ND/IU Medical Campus. <br /> None of the funds were generated by any <br /> activity at Ignition Park or any of the retail <br /> stores. <br /> Use of funds: <br /> • State CTP Funds can be used for a <br /> limited number of purposes, all of <br /> which must be activities with the CTP <br /> boundaries. The list of permitted uses <br /> includes: <br /> 1. Acquisition, construction, <br /> improvement, planning or <br /> equipping of facilities. <br /> 2. Repayment of debt incurred <br /> for financing associated with <br /> the above. <br /> 3. Establishment of augmenting <br /> a debt service reserve <br /> associated with debt. <br /> 4. Operation of facilities <br /> • Notre Dame has immediate uses for <br /> the State CTP Funds, including: <br /> 10 <br />