5A1 - Laserfiche WebLink

Home Browse Search

MEMORANDUM OF UNDERSTANDING This MEMORANDUM OF UNDERSTANDING (this "Agreement ") is made as of the day of 2012 by and among the CITY OF SOUTH BEND, INDIANA (the "Governmental Unit'), the SOUTH BEND REDEVELOPMENT COMMISSION (the "Redevelopment Commission," and together with the Governmental Unit, the "City "), and THE UNIVERSITY OF NOTRE DAME DU LAC (the "University "). RECITALS WHEREAS, the City and the Indiana Economic Development Corporation (the "IEDC °) entered into that certain Certified Technology Park Agreement in December 2008 (the "CTP Agreement') in connection with the designation by the 1EDC of the City of South Bend. Indiana Certified Technology Park (the "Park ") pursuant to Indiana Code 36 -7 -32 (the "Act'); and WHEREAS, the Park is divided into two locations, one commonly known as the "Campus Site (a/k /a "Innovation Park at Notre Dame")" ("Innovation Park ") and the other commonly known as the "Sample Street Site (a/k/a "Ignition Park")" ( "Ignition Park") each of which is more particularly described in the CTP Agreement; and WHEREAS, the CTP Agreement identifies the University as a sponsor of the Park and acknowledges that the IEDC has relied upon the financial and performance commitments provided by the University and the City in designating the Park as a certified technology park under the Act; and WHEREAS, pursuant to the Act and Section 7 of the CTP Agreement, an incremental tax financing fund (the "State CTP Fund ") was established to receive certain State of Indiana (the "State") gross retail and use taxes and income tax incremental amounts generated by businesses and employees located within the Park up to an aggregate amount of Five Million Dollars ($5,000,000) (the "CTP Revenues "); and WHEREAS, pursuant to the Act, the State has calculated the amount of CTP Revenues as of June 30, 2011 to be $812,791 and the State distributed such CTP Revenues to the Redevelopment Commission in December 2011 to be deposited into a certified technology park fund established by the Redevelopment Commission under Section 23 of the Act to be used by the Redevelopment Commission for the permitted purposes set forth in the Act and in the CTP Agreement; and WHEREAS, the University has expended its own funds in the construction, operation and maintenance of facilities at Innovation Park which qualify as "public facilities" under the Act and as set forth in the CTP Agreement and it is anticipated that the University will expend additional funds in the future for the construction, operation and /or maintenance of such public facilities and additional public facilities at Innovation Park; and WHEREAS, it is anticipated that the City will expend funds for the construction, operation and maintenance of public facilities at Ignition Park; and