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South Bend Redevelopment Commission <br />Regular Meeting —April 10, 2012 <br />Commitment. <br />3. To secure a return to the Commission <br />for its Commitment, in Section 1(a)(ii), <br />Kevin M. Smith shall guarantee Union <br />Station will make no less than Three Million <br />Five Hundred Thousand and 00 /100 <br />($3,500,000.00) Dollars in improvements in <br />the Renaissance District over a five (5) year <br />period. In the event Union Station fails to <br />make such improvements, the Commission <br />without any prejudice to enforce the <br />Agreement against Union Station, may only <br />enforce this Agreement against Kevin M. <br />Smith for any deficiency in the required <br />amount of improvements over the five (5) <br />year period. <br />4. Provide the Commission with an <br />annual report concerning the progress of <br />Union Station's Phase II Commitments. To <br />the extent possible, this report shall be at a <br />regularly scheduled Commission meeting. <br />Phase II of the Renaissance Center project is <br />key to the success of the overall project. By <br />having 800,000 square feet of adjacent space <br />to the USTC which can be utilized in a multi - <br />tenant format allowing a variety of uses, <br />producers, and end users to meet and <br />collaborate in one area, the opportunity for <br />innovation, job creation and spin -off <br />development is maximized. Furthermore, the <br />opportunity to reutilize existing structures <br />with targeted investment as opposed to <br />acquiring, razing, and waiting for new <br />development to occur, or allowing the new <br />development to happen on our fringes in <br />greenfield areas, is a maximization of <br />resources and opportunities for the City of <br />South Bend. <br />15 <br />