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Current Status <br />The first Certified Tech Park Funds were received from the State on 12/20111 in the amount of <br />$812,791. This amount represents income taxes withheld from wages paid to employees located at <br />the "Office Building'; IPND and the ND /lU Medical Campus. <br />Use of Funds <br />• State CTP Funds can be used for a limited number of purposes, all of which must be activities <br />within the CTP boundaries. The list of permitted uses includes <br />o Acquisition, construction, improvement, planning or equipping of facilities <br />o Repayment of debt incurred for financing associated with the above <br />o Establishment or augmenting a debt service reserve associated with debt <br />0 operation of facilities <br />• Notre Dame has immediate uses for the State CTP Funds, including: <br />o Payment of the operating expenses of the IPND facility <br />o Equipping the IPND facility <br />c Planning. /engineering costs of Phase II of IPND <br />Proposal <br />The City and ND should share equally in the aggregate $5 million amount of State CTP Funds <br />c On an annual basis, if either party does not have needs to consume 50% of the State <br />CTP Funds received that year, the other party may draw unused funds to the extent they <br />can be spent on permitted uses. <br />o Once either party has drawn an aggregate $2.5 million in State CTP Funds, no additional <br />funds may be drawn by that party without approval of the other party <br />Proposed Uses of CTP Funds 3.26.12.doc What we Do Today Makes A Differences <br />