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