2 Minutes 11-8-12 meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting November 8, 2012 6. NEW BUSINESS D. Airport Economic Development Area (1) continued... 36 month construction period for Phase I (north addition) and Phase II (west addition) Restrictions for use of property (as detailed in Section VI(A)(1) & (2)) Title revestment upon certain events. Mr. Relos noted that the Light Industrial zoning has some uses that we would not like to see near Ignition Park. The restrictions placed on the property will run with the property if/when it is ever sold and will prevent those uses. Staff requests Commission approval of the Agreement for Sale of Land. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved the Agreement for Sale of Land for Private Development with MMVance, LLC for northwest corner of Indiana & Kemble, contingent on successful rezoning of the property. (2) Resolution No. 3105 approving of the form of an Economic Development Memorandum of Understanding and authorizing its execution and attestation with respect to an economic development project to be undertaken by F Cubed, LLC in the City of South Bend and authorizing the Commission to initiate a disposition process in connection with the project. Mr. Inks noted that F Cubed is one of the first companies to graduate from Innovation Park. They would like to locate their growing business in Ignition Park when a multi -tenant facility is available for them to lease space in. In the interim they will be locating in the former St. Joseph High School building, now Notre Dame's Hillcrest Hall. As part of the Commission's efforts to retain this company in South Bend and eventually locate them in Ignition Park, the Memorandum of Understanding (MOU) commits Redevelopment to acquiring certain scientific equipment and providing an opportunity for F Cubed to lease that equipment. The cost of the equipment is estimated at $125,489. Adding a 10% contingency, staff requests a not to exceed amount of $138,000. The MOU requires F Cubed to create 13 jobs and invest capital of $2,647,550. Mr. Ivey, president and CEO of F Cubed, noted that F Cubed is in the business of making molecular diagnostic equipment for use in environmental monitoring, food safety applications and medical diagnostics. As of last month they transitioned from being a research and development company to an actual commercial company, having sold their first few units that are able to take a. raw ,sample of blood and diagnose lymphatic filariasis, the cause of Elephantiasis. At the present time F Cubed has seven full time and three part time employees. They have a very diverse workforce. When they began their business at Innovation Park, they intended to grow and move to Ignition Park. They started with 1,100 sq. ft. They have since doubled that space in Innovation Park. They expect to move into 12