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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 /> 1. Payment of the operating <br /> expenses of the IPND facility. <br /> 2. Equipping the IPND facility. <br /> 3. Planning/engineering costs of <br /> Phase II of IPND. <br /> Mr. Inks noted that in the original submittal <br /> to the State of Indiana for designation as a <br /> Certified Technology Park, there was a <br /> request for an operating grant for this first <br /> building at Innovation Park. The business <br /> plan that was submitted, along with the <br /> application, showed that during the lease-up <br /> period, there were anticipated to be <br /> significant losses from operating that facility. <br /> That grant for operating costs never came <br /> through. At this point, the University, or its <br /> Foundation, has been funding the operating <br /> losses at Innovation Park. <br /> Proposal: <br /> The Mayor has reviewed and supports the <br /> proposal that the city and Notre Dame share <br /> equally in the aggregate $5 million amount of <br /> State CTP Funds. <br /> • On an annual basis, if either party <br /> does not have needs to consume 50% <br /> of the State CTP Funds received that <br /> year, the other party may draw <br /> unused funds to the extent they can be <br /> spent on permitted uses. <br /> • Once either party has drawn an <br /> aggregate $2.5 million in State CTP <br /> Funds, no additional funds may be <br /> II <br />