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South Bend Redevelopment Commission Regular Meeting — November 8, 2012 6. NEW BUSINESS D. Airport Economic Development Area (2) continued... Hillcrest Hall within a couple of weeks. They expect by the end of 2015 to add about thirty employees and invest $2.6M in their business locally. They will be making biochips in South Bend. The instrument is being made in Goshen, Indiana by a partner of F Cubed, They expect to make about 20,000 bi6chips in 2013 and up to 300,000 by 2015. Mr. Ivey noted that a strong incentive for their remaining in South Bend is that there is only one nanotechnology program at Ivy Tech in Indiana and that is at Ivy Tech South Bend. Their company has plenty of PhDs and well educated people on staff now, but will be requiring people who can do that kind of work. Mr. Inks noted that staff has been working with Faegre Baker Daniels to put together the MOU. Although St. Joseph High is outside the TIF area, Faegre Baker Daniels has indicated that the intent to move to Ignition Park makes the project TIF eligible. The MOU is drafted in such a way that if the business does not move into the Airport Economic Development Area, then there will be a repurchase requirement of the equipment by the business at 150% of our cost. Staff is pretty comfortable that this meets the TIF requirements for spending money in this fashion. Faegre Baker Daniels intends to provide a written opinion to that effect. Staff recommends approval, contingent on receipt of that opinion. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved 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, contingent upon written opinion of its TIF eligibility by Faegre Baker Daniels. E. West Washington - Chapin Development Area There was no business in the West Washington- Chapin Development Area. F. South Side Development Area (1) Resolution No. 3104 approving and authorizing the execution of an Amendment to the Addendum to the Master Agency Agreement (Fellows Street Corridor Improvement Project — Supplement #4) Mr. Kain noted that the Agency Agreement in Resolution No. 3104 allows the Board of Public Works to hire Christopher B. Burke Engineering to provide professional services for the design of the Fellows and Ireland intersection as approved in concept at the October 25 13