Laserfiche WebLink
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 /> • drawn by that party without approval <br /> of the other party. <br /> Mr. Downes asked what happens when the <br /> $5 million is gone. Mr. Inks responded that <br /> there will be no more supplement. <br /> Mr. Varner stated he thought it important that <br /> the city secure its interests. He is happy with <br /> the 50/50 split. <br /> Mr. Davis expressed his assumption that this <br /> only works if there are plans going on for <br /> both Innovation Park and Ignition Park. Ms. <br /> Jones answered that this is not necessarily <br /> true. The city is allowed to recapture the <br /> money spent on design plans/engineering <br /> costs. <br /> Mr. Varner wondered whether he misread: he <br /> thought once the $2.5 million benefited <br /> Innovation Park, then the balance was <br /> available for Ignition Park. Mr. Inks said <br /> that is correct. However, the language does <br /> say if Innovation Park requires the $2.5 <br /> million, needs additional funding, then the <br /> Innovation Park could ask the city for <br /> additional funding. The city would not have <br /> to approve the request. <br /> Mr. Davis asked if such request would have <br /> to come back to the Redevelopment <br /> Commission. Mr. Inks responded that it <br /> would. <br /> Mr. Downes clarified that these funds cover <br /> 12 <br />