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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 /> (2) continued... <br /> Hillcrest Hall within a couple of weeks. They expect by the end of 2015 to add about thirty <br /> employees and invest $2.6M in their business locally. They will be making biochips in <br /> South Bend. The instrument is being made in Goshen, Indiana by a partner of F Cubed. <br /> They expect to make about 20,000 biochips in 2013 and up to 300,000 by 2015. <br /> Mr. Ivey noted that a strong incentive for their remaining in South Bend is that there is only <br /> one nanotechnology program at Ivy Tech in Indiana and that is at Ivy Tech South Bend. <br /> Their company has plenty of PhDs and well educated people on staff now, but will be <br /> requiring people who can do that kind of work. <br /> Mr. Inks noted that staff has been working with Faegre Baker Daniels to put together the <br /> MOU. Although St. Joseph High is outside the TIF area, Faegre Baker Daniels has indicated <br /> that the intent to move to Ignition Park makes the project TIF eligible. The MOU is drafted <br /> in such a way that if the business does not move into the Airport Economic Development <br /> Area, then there will be a repurchase requirement of the equipment by the business at 150% <br /> of our cost. Staff is pretty comfortable that this meets the TIF requirements for spending <br /> money in this fashion. Faegre Baker Daniels intends to provide a written opinion to that <br /> effect. Staff recommends approval, contingent on receipt of that opinion. <br /> Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br /> Commission approved Resolution No. 3105 approving of the form of an Economic <br /> Development Memorandum of Understanding and authorizing its execution and attestation <br /> with respect to an economic development project to be undertaken by F Cubed, LLC in the <br /> City of South Bend and authorizing the Commission to initiate a disposition process in <br /> connection with the project, contingent upon written opinion of its TIF eligibility by Faegre <br /> Baker Daniels. <br /> E. West Washington-Chapin Development Area <br /> There was no business in the West Washington-Chapin Development Area. <br /> F. South Side Development Area <br /> (1) Resolution No. 3104 approving and authorizing the execution of an Amendment to the <br /> Addendum to the Master Agency Agreement (Fellows Street Corridor Improvement <br /> Project— Supplement #4) <br /> Mr. Kain noted that the Agency Agreement in Resolution No. 3104 allows the Board of <br /> Public Works to hire Christopher B. Burke Engineering to provide professional services for <br /> the design of the Fellows and Ireland intersection as approved in concept at the October 25 <br /> 13 <br />