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CITY OF SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION MEETING – February 5, 2026 <br /> <br />Page | 7 <br /> <br />retail activity, ensuring strong local participation and economic benefits. <br /> <br />Mr. Sardelli added, as we think about our target tenants and bring students, <br />researchers, and employers together in a central location, the goal is to <br />create a catalytic environment. This is not only about attracting some talent <br />from outside the region, but also about supporting local businesses and <br />encouraging new housing, dining, and retail activity in the core. Overall, the <br />intent is to draw the community into the project while balancing the <br />attraction of out-of-market talent with opportunities to leverage and <br />benefit local residents as well. <br /> <br />President Monterrosa expressed concerns about whether that focus may <br />limit opportunities for local residents and result primarily in university- <br />affiliated hires. If this project is supported by community investment, it’s <br />important that it meaningfully benefits the local community as well. <br /> <br />Mr. Sardelli responded that while some new positions will be in advanced <br />sectors, the broader goal is to connect university programs, workforce <br />training, and high-tech employers in a central downtown location to create <br />jobs, skills, and shared spaces that benefit the entire community. Although <br />the focus may appear sector-specific, we also anticipate broader community <br />benefits, including increased housing, dining, and retail activity nearby. We <br />recognize the need to balance these priorities and are committed to staying <br />attentive to that as the project moves forward. <br /> <br />Secretary Matousova asked with the university relocating some jobs and <br />new tenants being added, is the intent for this space to function as an <br />incubation environment for startups—perhaps commercializing Notre <br />Dame technologies—or is it more focused on research and <br />commercialization more broadly? I’m trying to better understand the overall <br />goal of the project. <br /> <br />Mr. Sardelli explained that portions of the program will focus on <br />entrepreneurship, linking commercialization with research and innovation. <br />Some Notre Dame units will support these efforts, along with intentional <br />engagement of local entrepreneurs. While this represents a limited portion <br />of the overall presence, it is an intentional part of the program mix. <br /> <br />As a follow-up, will Notre Dame employees working in the development be <br />included in the income-tax capture referenced in the IDD and Mr. Bauer <br />stated yes. <br /> <br />B. Public Hearing on Project and Economic Development Revenue Bond <br />Financing