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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 /> (5) continued... <br /> street vacation subject to an MOU or an <br /> agreement with the Redevelopment <br /> Commission on this project. <br /> 4. Construct the proposed <br /> communication and power duct bank from <br /> the Lafayette Boulevard AEP substation <br /> north to a point of connection with the Ivy <br /> Tower or Union Station facility; extend it <br /> south to Sample Street as part of the conduit <br /> construction project for Ignition Park. <br /> 5. Construction of the power duct bank <br /> also includes the acquisition and installation <br /> of proposed components to support an <br /> upgrade of equipment capable of up to five <br /> Megawatts ("5 MW") as part of the IC Power <br /> System. It is contemplated that the cost of the <br /> proposed system will be $2.2 million dollars. <br /> Phase 1 of the project requires the following <br /> from the USTC: <br /> 1. The $2.2 million would be repaid to <br /> the City over a 10 year period through a <br /> formula defined in the MOU. The city will <br /> measure the taxable investment. If there is a <br /> shortfall, the USTC will repay the difference <br /> in value. <br /> Mr. Relos noted that it is the intent of staff <br /> and the development team to make periodic <br /> progress reports to the Commission as action <br /> items are achieved. <br /> Mr. Downes stated that the city has made <br /> 18 <br />