EDC Agenda & Packet 6.18.26 - Laserfiche WebLink

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CITY OF SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION MEETING – February 5, 2026 Page | 6 With respect to risk, there is no obligation on the part of the City of South Bend. If project revenues are not generated at a level sufficient to cover debt service obligations, that risk rests entirely with the developer. In this case, because the developer is also the purchaser of the bonds, it is easier for them to absorb that risk than it would be under a traditional taxpayer- backed agreement. Importantly, there is no obligation for the City to levy new taxes or take any other action if revenues do not support the debt service obligations. Vice President Morton asked of the approximately 400 jobs being projected, how many are expected to be affiliated with the university? Mr. Bauer explained approximately one-third of the projected jobs, roughly 100 to 150 positions, would be affiliated with the university, based on current estimates. The remaining two-thirds would be associated with other tenants located within the development. There are active discussions underway with additional tenants that may be located on the campus. While the university will defer announcements of any such tenants, both the university and the development partners, including Colfax Corner ML LLC, are engaged in ongoing lease negotiations. At this time, those conversations are active, though no specific tenant announcements have been finalized. Mr. Sardelli clarified that, beyond Notre Dame’s role as the anchor institution within the development, we are targeting companies in advanced industries—such as advanced computing, data analytics, and artificial intelligence—whose research and development activities complement the university’s strengths. These represent the key focus areas we are targeting at a high level, and we are encouraged by the interest the project has already generated. We are currently engaged in several productive conversations, and when the appropriate time comes, we will be able to share more specific information about those prospective partners. Commissioner White had concerns about how many of these jobs might be filled by local residents versus individuals relocating from outside the area. She continues that we have a responsibility to ensure qualified local candidates have access to these opportunities. Mr. Bauer responded that, we won’t have a detailed breakdown of where employees will come from until leases are finalized. That said, the intent is to strike a balance—both attracting talent from outside the community and ensuring the project delivers meaningful benefits locally. The development includes community- facing programming and university-related uses that will relocate to this site, creating shared benefits for the community, the university, and the city overall. In addition, the goal is for this to be a catalytic environment by bringing students, researchers, and employers together in a central location. While that may attract some out-of-market talent, it is also expected to support local businesses and encourage additional housing, dining, and